Wednesday, Jul 30, 2008
How MEW helps you lose your house in a downturn
Yahoo News: 'Extreme Makeover' house faces foreclosure
Not strictly MEWing, they took out a loan against a house they fully owned. Don't borrow more against your house than you can afford, if it goes down in value and you can't afford the loan....
After the Harper family used the two-story home as collateral for a $450,000 loan, it's set to go to auction on the steps of the Clayton County Courthouse Aug 5.
Posted by beartil2010 @ 05:34 PM (137 views) Add Comment
1 Comment
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1. Lauren123 said...
This happens a lot. You give poor people money or access to money and they mainly tend to end up exactly where they were beforehand.
Those poor people given liar loans will also end up back where they were and us hardworking members of society will once again be left to sort out the mess through higher taxes, interest payments etc.
People need to learn that wealth is built up through hard work and not the ability to borrow money.