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Gold/Mining/Energy : A to Z Junior Mining Research Site
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To: Jim Willie CB who wrote (3517)3/1/2003 2:53:45 PM
From: crdesign  Read Replies (2) of 5423
 
"NEGATIVE HOME EQUITY WILL BE A MAJOR STORY IN 2004 OR 05"

Already happening Jimbo.
My bank Manager is seeking to pump his sales up for the 1/4. He wants to re-up my Home equity line with a super low teaser rate for 6 months. I told him if it helps his sales # go right ahead but I don't want to extend my line-O-credit.

I was talking to the bank mgr. @ 7am this morning in our local WAWA.
He said something weird happened which he needs to fix in order for my loan to go thru.

The house appraisal came back @ $190k
Last years same app was $360k.
He's certain that there is an error.

I smirked at him and said I don't care if it did indeed drop, I know what the property is really worth (about $235k), I don't need to re-up the Line I was simply trying to help him; I've been warning him about the dismal financial info I discover on the 'web.'for months now and he scoffed at me.

He considers me a friend but a kooky one.
Who doesn't?<gg>

That 360K is total BS, thank God I only owe about 1/3rd of that which I borrowed to purchase a rental property.

These US banks are effed if people have indeed maxed out their credit to buy cars and toys at those BS appraisal amounts.

It's all falling to bits.....Furiously! Sid Vicious, PIL
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