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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 382.95-0.8%4:00 PM EST
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To: Lazarus_Long who wrote (30022)2/27/2008 8:41:34 PM
From: Ilaine  Read Replies (1) of 217749
 
So many of my clients refinanced their houses to pay off their credit cards and auto loans, and now have no home equity to refinance when the ARMs lock. They have no debt but the house and they own too much car to file Chapter 7 and keep the cars.

If they can refinance at fair market value in a Chapter 13 bankruptcy (have to have a good job) the foreclosures will be limited. And the Senate may pass a bill authorizing this in the next week or so.
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