Say I purchased a home before the housing boom so it was bought at a reasonable price. Then the boom happened. My house went up in value about $200,000 and so I took out a 2nd mortgage/equity loan. I used the money to buy a business overseas and maybe put some of the money in an overseas account. Now I can't afford my mortgage payments..so I will foreclose and just rent a cheaper house and just be happy that I used my equity loan to buy a business overseas where I am planning to retire someday. I am convincing myself that this is cool because the I figure the amount I paid towards the mortgage on my house is the same amount I took out of the equity loan so I am justified.
Is this acceptable?
ethical..thank you that's the word i was looking for. i don't own a house and this is not me but i work with someone that did this and it kind of ticks me off.
Is this acceptable?
ethical..thank you that's the word i was looking for. i don't own a house and this is not me but i work with someone that did this and it kind of ticks me off.