They will close them because of falling equity in your house not job loss.

May 9, 2022
9:57:45pm

johnnybyu All-American

Helocs were frozen(meaning you couldn't draw on them during the great recession but didn't hear of any of them being closed.

This message has been modified

Originally posted on May 9, 2022 at 9:57:45pm

Message modified by johnnybyu on May 9, 2022 at 10:12:07pm

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johnnybyu

Bio page: johnnybyu
Joined: Jun 6, 2002
Last login: Apr 29, 2024
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Messages

Author

Time

So if you knew you were gonna get laid off, what kinds of prep would you do?

Heath Squashwell

5/9/22 9:28pm

Line up another job as priority #1.

BlooCoog

5/9/22 9:30pm

That’s a tight rope to walk. You leave your current job and you’re the newest hire at a new gig

molodyets

5/9/22 9:44pm

I’ve known several who turned lemons into lemonade here

cajuncoug

5/9/22 9:58pm

Start collecting dirt on my boss and on my boss’ boss.

CrimWalCoug

5/9/22 9:30pm

Sounds like this comes from experience 🧐

WP17

5/9/22 9:40pm

Op kinda changes lines at the wrong spot. Haha. Caught me off guard a little

TunaNoCrust

5/9/22 9:34pm

Me too. Haha.

Great38

5/9/22 10:00pm

Open a HELOC. Hopefully you won’t need to use it but it’s an emergency stash

D.T. Survivor

5/9/22 9:47pm

Yes, but also realize that the bank can close your HELOC at any time

cheezedawg

5/9/22 9:48pm

They will close them because of falling equity in your house not job loss.

johnnybyu

5/9/22 9:57pm

Is a HELOC a floating rate based on when you actually use the funds?

Heath Squashwell

5/9/22 9:58pm

You can start one with no fees. There are variable and fixed rates. On a fixed

D.T. Survivor

5/9/22 10:02pm

I think I’d have plenty of room to float but it’s good to know.

Heath Squashwell

5/9/22 10:03pm

3 things:

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