Replies to post #184691 on Zeev's Turnips Patch-No Politics (ZEEV)

[jrintl]

You can ask folks in Boston, New Jersey about 'profits' in homes who lives there in late 80s, 90s....they come, they go (sometimes)..

[Newly2b]

I believe the "big profits they have in those homes" don't exist, since they refi'ed, took cash out and spent it. Now they are mortgaged up to the max. When home prices drop -- OUCH!

Saw it back in our crash late '80's/early '90's. Many sellers owed more than they could get for their homes and had to either make up the difference from savings, or plead with their lender for a short-sale (where lender eats the difference) or just walk away and let the bank foreclose. It wasn't pretty!

Newly