To: twin2
How can you own a home for almost three decades and not be close to paying it off?
Refinance repeatedly and spend the extra money that you get when the bank says the market value of the property has increased. Then when the economy turns you're stuck with a big old mortgage, no job, and unable to unload the house because the market value has collapsed and won't cover the mortgage.
No doubt there are FReepers who could tell you from their own experience.
22 posted on
07/10/2011 1:35:32 PM PDT by
Cheburashka
(If found, please return this Ring of Power to Sauron, Lord of Darkness. Return postage guaranteed.)
To: Cheburashka
Greed or not, that sounds like lack of foresight.
31 posted on
07/10/2011 1:53:27 PM PDT by
Lady Jag
(Keep the 'ICk" in Democratic)
To: Cheburashka
I agree, you can't tell much from that. I have lived in the same house 33 years and still have a mortgage. Large unexpected expenses have a way of doing that to you. No toys, no boats, no summer cottages on the lake. Just crap that cannot be avoided sometimes.
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