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You guys are going waay overboard criticizing these folks and thier lifestyle and making all sorts of assumptions. If only we knew the details of thier situation, perhaps they have made lousy choices which we could legitimately criticize...if we knew. A half-million dollar home is not a big deal in howard county which is right up the road from me. Childcare costs can easily run 50/day/child...they have FOUR kids ranging from 4 to 8 yrs. The only point that can be taken from this story goes to the risk of using HELOC as an emergency fund which is a seperate thread. I am very curious about the lender making a loan and 4 months later deciding the property value has dropped 16% when the actual sales figures for this area indicate no more than 5-8% decline which is YOY, not from when they applied.Yeah, I know they can do whatever they want, but I don't like the process.
Newguy...outstanding! Congratulations!........... Rutgers?
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