Author Topic: The Home Improvement Thread  (Read 522 times)

Re: The Home Improvement Thread
« Reply #105 on: May 21, 2020, 06:33:44 pm »
not sure I get that joke?
LAMF

Yada

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Re: The Home Improvement Thread
« Reply #106 on: May 21, 2020, 06:43:24 pm »
not sure I get that joke?

It's not a joke... My father in law bought his home in like 30ish years ago for like 100k... as of today I think he owes like 500k on it due to borrowing against it multiple times, pulling money out, and refinancing.

Re: The Home Improvement Thread
« Reply #107 on: May 21, 2020, 06:50:50 pm »
not sure I get that joke?

It's not a joke... My father in law bought his home in like 30ish years ago for like 100k... as of today I think he owes like 500k on it due to borrowing against it multiple times, pulling money out, and refinancing.
Oh I get it now
Yeah I have a friend who did the same thing
got this great apartment for like 80k in mt pleasant in the 90s
and has refi-ed it to like 500k and complains he can't make money off the renters
LAMF

Julian, Adroit TASTEMAKER

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Re: The Home Improvement Thread
« Reply #108 on: May 21, 2020, 06:56:16 pm »
not sure I get that joke?

It's not a joke... My father in law bought his home in like 30ish years ago for like 100k... as of today I think he owes like 500k on it due to borrowing against it multiple times, pulling money out, and refinancing.
Holy shit, that’s wild.
LVMH

Re: The Home Improvement Thread
« Reply #109 on: May 21, 2020, 08:00:24 pm »
at 73 still refinancing his home and owing the current appraised value.
Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home
LAMF

Yada

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Re: The Home Improvement Thread
« Reply #110 on: May 21, 2020, 08:02:49 pm »
at 73 still refinancing his home and owing the current appraised value.
Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home

He's not bankrupt and has plenty of money, has just done dumb things leveraging his home for the past 30 years.
« Last Edit: May 21, 2020, 08:05:42 pm by Yada »

Julian, Adroit TASTEMAKER

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Re: The Home Improvement Thread
« Reply #111 on: May 21, 2020, 08:06:09 pm »
at 73 still refinancing his home and owing the current appraised value.
Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home

He's not bankrupt and has plenty of money, has just don't dumb things leveraging his home for the past 30 years.
If that’s the case, he’s kinda done a (stupid, horribly-rated) de facto reverse mortgage.
LVMH

Julian, Adroit TASTEMAKER

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Re: The Home Improvement Thread
« Reply #112 on: May 21, 2020, 08:08:58 pm »
at 73 still refinancing his home and owing the current appraised value.
Although I gotta question a bank that would write a 30 year loan to a man in his 70s
He should just file for bankruptcy now and he would get the home
Being over 55 (I think that’s the cutoff) is a protected class where age cannot be taken into consideration for loan approval legally.

Obviously there are ways around that like most 70 year olds are not still working and therefore have little to no income so “creditworthiness”, but a bank cannot just go “you will be dead before this loan pays off — denied.”
LVMH

hutch

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Re: The Home Improvement Thread
« Reply #113 on: May 21, 2020, 09:03:09 pm »
I just don’t know enough to opine
« Last Edit: May 21, 2020, 09:15:53 pm by hutch »