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And this is the one of the steps to personal financial demise.
Now they owe more than rhe value of their home. Ifffffff, home values recess. The equity possition is worse.
Some have now decieved themselvse that they are in the money.
Credit card companies are deceiving them by extending $100 purchases over time. Auto dealers will lease cars for 10 years.
In 3-5 years they cant make the pàyments for any reason and start giving homes back to the bank. Home owners move to one of the 1000s of apatments being built. Children start being domesticated by crazy parents.
Banks start liquidating equity on bad loans.
I finally get to buy a house for a home’s new value. But im 76 and may be dead.
If you are going to do this. I invest your new cash equity in an off shore account. ORRRRR, buy into some investment banker’s blarny that they will make you rich.hahaha.
It ŵill take more than super glue to patch the new amarica.
New debt. 37 trillion.
This sounds like a really bad idea. All it is is additional debt secured by your hoe.