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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (1168)	12/11/2001 2:27:02 PM
From: MSI	Read Replies (3) \| Respond to of 306849

I know. Fortunately it's not QUITE as tempting as blowing your paycheck... I don't have stats, but my impression is MOST people look at house equity as saveable. Notable exceptions are damn predatory lenders, b*stards that prey on old and financially challenged for 14% mortgages that force forclosures. I had an acquaintance who sold his house in LA for $350k profit, bought another for 1/2 that, plus a car, free of debt, he thought. As an unskilled laborer, that was a lot of $$ His CPA forgot (screwjob #1) to tell him about IRS tax (screwjob #2), he got a predatory loan to pay it off (#3), lost his job, couldn't make payments, and predatory realtor offered to take his house off his hands to settle the forclosure (#4). Now he's living on an Indian reservation for free, and is broke, with little chance of every making his nest egg back. My kids knew him - I tell them that story to show the importance of math and finance, in a predatory world. They are all a little better at math, now <g>