Mew Today, Gone Tomorrow

[theblacksheeple]

I met someone last week who lost his job a few months ago, and is struggling to find work. He said "luckily we had some equity in our house, so we've got enough money to keep going".

So the equity in the house is a cushion for when times get hard. The problem is that times are about to get harder. I wonder how many others are doing the same?

I am sure alot of sub prime remortgages cover this exact situation. when you can do a "true self cert" by simply confirming your job title and how much you earn as the only form of verification this kind of abuse is common place.

Make up a job and a realistic income for that job and borrow what you need to cover your payments for a few months.. that new plasma tv and car and holiday then remortgage when you start missing payment again... god i hate this country

[South Lorne]

I am sure alot of sub prime remortgages cover this exact situation. when you can do a "true self cert" by simply confirming your job title and how much you earn as the only form of verification this kind of abuse is common place.

Make up a job and a realistic income for that job and borrow what you need to cover your payments for a few months.. that new plasma tv and car and holiday then remortgage when you start missing payment again... god i hate this country

....a lot of second mortgages i.e. loan companies using the outstanding equity as security with a claim after the main mortgage holder, finances this sort of situation....at high rates.

This happened in the US and lenders were left without security when the equity fell and the borrower could not afford the main mortgage when interest rates went up....

[time_and_tide]

- but hey hindsight can make us all look clever !

Hindsight can make some of us look decidedly stupid - but of course you-ll be long gone by that time.