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

To: Elroy Jetson who wrote (3622)	7/29/2002 9:45:00 AM
From: GraceZ	Respond to of 306849

This is true. I asked a friend of mine was she doing a lot better in her biz because she had just finished a rather expensive renovation on her house and was planning another. She said, her biz was about the same, but her house had appreciated so much she could take out a lot of equity to pay for the addition. Now this is a person who struggled to pay for the original loan and now was taking out a huge additional amount. I don't think she understood that its a loan, it was like she thought about it as money in the bank. I told her its only money in the bank if you cash out and move somewhere cheaper, otherwise its a loan and needs to be paid back with your earnings in the future.