Comments on: A Cracking Foundation http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/ Reaching Others Through Kindness Tue, 10 Jan 2012 18:48:57 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: MInTheGap http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/comment-page-1/#comment-5648 MInTheGap Sat, 13 Sep 2008 01:32:37 +0000 http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/#comment-5648 @Rachel: I'm not sure how much was being a good salesman and how much was actually true. We're going to get a second opinion. But thanks for the advice-- I might end up going with some kind of loan or saving until my Emergency Fund is bigger. @Rachel: I’m not sure how much was being a good salesman and how much was actually true. We’re going to get a second opinion. But thanks for the advice– I might end up going with some kind of loan or saving until my Emergency Fund is bigger.

]]> By: Rachel http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/comment-page-1/#comment-5636 Rachel Thu, 11 Sep 2008 18:10:23 +0000 http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/#comment-5636 How bad is the damage? Is this something that needs to be fixed ASAP? If it is an emergency you might want to look for a HELOC or something like that if delaying will cause further damage to your home. After all, HELOC ARE for home repairs (despite how the banks will tell you they are for vacations, spending sprees, tuitions, etc.) If it's not an immediate threat, perhaps you could start an aggressive saving plan so that way you would have to borrow as little as possible. If you end up getting the HELOC, then be sure to instruct the banker that you ONLY want what it will need to fix the repairs. Because the charlatans will try to get you maximum loan-to-value, sometimes even going about 80%. This increases temptation to borrow against it and can also damage your credit because of the debt-to-equity ratio it would adjust. The (only) good thing about HELOCs are the lower interest rates and sometimes they will even give you a sub-prime rate for the first 3 months. If you could work out a plan where you could pay this off in 3 months, it could cut back on interest you would have to pay. How bad is the damage? Is this something that needs to be fixed ASAP? If it is an emergency you might want to look for a HELOC or something like that if delaying will cause further damage to your home. After all, HELOC ARE for home repairs (despite how the banks will tell you they are for vacations, spending sprees, tuitions, etc.)

If it’s not an immediate threat, perhaps you could start an aggressive saving plan so that way you would have to borrow as little as possible.

If you end up getting the HELOC, then be sure to instruct the banker that you ONLY want what it will need to fix the repairs. Because the charlatans will try to get you maximum loan-to-value, sometimes even going about 80%. This increases temptation to borrow against it and can also damage your credit because of the debt-to-equity ratio it would adjust.

The (only) good thing about HELOCs are the lower interest rates and sometimes they will even give you a sub-prime rate for the first 3 months. If you could work out a plan where you could pay this off in 3 months, it could cut back on interest you would have to pay.

]]> By: MInTheGap http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/comment-page-1/#comment-5629 MInTheGap Mon, 08 Sep 2008 13:25:55 +0000 http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/#comment-5629 @Carol: Still looking at all the options. The guy selling the sealing thinks that I can prevent the water from coming in-- that it's not too late. I'm not so sure. @Carol: Still looking at all the options. The guy selling the sealing thinks that I can prevent the water from coming in– that it’s not too late. I’m not so sure.

]]> By: Carol http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/comment-page-1/#comment-5588 Carol Fri, 05 Sep 2008 01:03:42 +0000 http://www.weekendkindness.net/2008/09/04/a-cracking-foundation/#comment-5588 You can not build a home, or allow it to be on a bad foundation. Isn't there some other way to fix this or to off-set the cost? You can not build a home, or allow it to be on a bad foundation. Isn’t there some other way to fix this or to off-set the cost?

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