The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: DebtBomb who wrote (112861)	3/26/2008 10:28:33 AM
From: MoneyPenny	Read Replies (6) of 306849

A woman I worked with was constantly using her HELOC to pay off her Saks and Nordstrom bills, along with her Visas. When I explained to her that she would be paying for years for clothes and makeup she had already discarded, she would just laugh. She considered her home her bank. She also has a 5 year ARM that is interest only and paid over $600k for her home. She has another year to her reset. She had planned to sell this one for a million or more and "upgrade". Perhaps she can live in her Hummer. MP

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