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

To: CalculatedRisk who wrote (51405)4/4/2006 9:19:42 PM
From: bentwayRead Replies (1) | Respond to of 306849
 
I'm thinking it wouldn't be illegal either - to skate with your HELOC and leave the bank the house. After all, the loan is SECURED with the house. The "risk" of a HELOC is that "you could lose your house."

It would certainly be unfair if the bank got the house AND you had to pay back the HELOC! How could that result be even remotely fair?

I've had a couple of HELOCs (I've got one now). I've never been able to borrow more than 80% of the appraised value of the house or my equity. The one I've got now is for about 25% more than I paid for the house I'm in ( but certainly less than I could sell it for), and the thought of just drawing the cash, putting my stuff in storage and flying to Timbuktoo has occurred to me more than once!



To: CalculatedRisk who wrote (51405)4/5/2006 6:15:31 AM
From: Travis_BickleRespond to of 306849
 
another benefit is if when you die you leave your home (also applies to furnishings and your car) to your heirs at law, any creditors you may have can't touch it. that's where i stiff the credit card companies a lot. they issue cards to old people with no assets but their home and their car.


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