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  • The Sun Is Shining on Wall Street [View article]
    On Nov 24 12:08 PM Smarty_Pants wrote:

    > Assume they took $300,000 out in equity, yet they were foreclosed
    > upon when the payment increased by $1800/month. What happened to
    > the $300,000? If they had used it only to make mortgage payments
    > they would still have more than half of it left after 3 years and
    > would have had their entire income to save.
    >
    > Think maybe they spent it on "stuff" that they otherwise wouldn't
    > have bought? I'd guess so, but I don't know.


    I agree with your presumption that they "maybe" spent the ~$300K on "stuff"... as undoubtedly millions of other people also did. Now all those Hummers, jetskis, ATVs, et.al are all showing up "forSale", as they struggle with reality once again.
    Nov 25 00:54 am |Rating: 0 0
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