Very typical, Tradelite. All you decide to comment on from my post is one sentence. Previously, you had thrown out there that people are safe with a home equity loan or line because the second lienholder must get permission from the first lienholder before foreclosure proceeds. I reply that you are completely wrong and that your comment is irresponsible at best, and this is what you pull from my post? Again, very typical of you. You are great at moving on to things you THINK you are right on.
You wrote:
<<<That is probably the strangest thing I've ever read or heard on this particular subject, Boz..... but if you believe it's better to keep paying for the most expensive money in the world and avoid borrowing the cheapest money in the world,go ahead and be happy in your belief.>>>
See if you can follow my logic, Tradelite. A person paying 18%-24% on credit cards has, to say the least, a sub-prime credit rating. Now, if they are able, they go and get a home equity loan or line to pay off those credit cards. This person now has no credit card debt, but full use of those cards again (the lending institution does not make them close the cards), and obvious trouble handling credit in the past. However, they now have their house on the line, their full credit card limits restored, and, if they believe someone like you, no chance of losing their home.
That, to me, is not someone I would counsel to roll their credit card into a home equity loan. Get it? Now, if that line of thinking is strange to you, I can't really say I am suprised. And, before you claim the above can't or doesn't happen, I have seen it happen. Not just once either.
By the way, there are many offers for locked rates of 6.99%-9.99% on credit cards for someone with good credit, but that wouldn't fit well with your thesis, would it?
Boy, Tradelite, if I didn't know better I would think you were a mortgage broker as well. |
