07-19-2009, 12:24 PM
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#11 (permalink)
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Base Member
Join Date: Apr 2009
Location: Miracle Mile, CA
Posts: 27
Drives: My Wife Crazy
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Quote:
Originally Posted by ZKindaGuy
I doubt if loans are being taken unless it is done against their retirement 401K investments. No bank is going to loan money on an asset that is viewed by them as a liability rather than an asset. Particularly after the wall-stree and bank debacle era we just experienced last year.
So I would say 99% of those doing the high-cost mods are borrowing out their azz in some fashion and ther other 1% can actually afford it without a problem.
And anyone who claims they can easily make such mods are just plain lying out the ying-yang.
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 Then when you get in over your head, just declare bankruptcy and start over. Nowadays, I'd be real surprised if banks were tripping over themselves to hand out $15,000 unsecured personal loans and if they do, the rates are 15-20%. Just pay cash. Or put it on your card, get the points, and pay the balance off in full at the end of the month.
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