Question by Barometer Soup: My friend refinanced his house to buy a pool and 2 cars. Under McCain’s proposal does he get to keep them?
When house prices were skyrocketing in California, a lot of my friends refinanced to take equity out of their homes. They used the equity to buy cars, vacations, pools, etc. Now that house prices have fallen, however, they have 2 or more mortgages and are “underwater”.
Obviously, there is no way to take back a vacation or a pool, but under r McCain’s proposal to buy their bad mortgages and reduce the balances – will they get to keep their Beemers and Mercedes?
Answer by War Kittens?
They have to prove they can’t pay. I would like to know why I don’t get a break. I pay my mortgage every month. I don’t even have cable. Why don’t I get a break?
What do you think? Answer below!