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  • From: Lisa Perry <lkvp AT floydva.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] not - How To Avoid Going To Jail
  • Date: Thu, 02 Sep 2004 11:42:58 -0400

Toni Hawryluk wrote:

Marie typed :
>If financial institutions had a penalty for offering individuals more credit
than they should have, they might back off a bit.

I like that idea. Too many lenders are willing to do up to 125% refinance loans. I have never done one for my clients and never will, I think it should be against the law (not that we necessarily need more laws) to owe more on your house than it is worth. Wish I could remember the statistic I read just yesterday, x billions of dollars now owed on home equity lines of credit (which are not fixed rate loans--the rates rise as the Fed raises rates!). People have less equity in their homes than ever before, the article was addressing the concern of future borrowing power for any emergency, retirement, etc. when you've used up your equity.

Lisa





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