"bpuharic" wrote in message
...
On Tue, 20 Jul 2010 22:27:41 -0400, "D.Duck" wrote:


"bpuharic" wrote in message
. ..
On Tue, 20 Jul 2010 19:06:17 -0400, Larry wrote:

bpuharic wrote:
On Tue, 20 Jul 2010 05:03:58 -0400, "Charles C."


go ahead and try to get a loan using your 401K as collateral

see what happens


CC

When would any lender accept a 401K account as collateral?

since it's a standard part of a loan applcation. that's when

been renting all your life, i see


I may be wrong but I believe 401Ks are untouchable in bankruptcy
proceedings. You may have to list them on a loan app but they are
untouchable to a loan holder.


unless, of course, you're able to waive that...which many middle class
people did since it was a source of wealth that the rich wanted to get
their greedy hands on.

If you could not afford the loan without your 401k money, buy a cheaper
house. There was no way, anyone making $50k a year could purchase a $500k
house. Maybe you were too dumb to realize that. And the only reason the
banks etc. were loaning money on that ratio was the government told them to
and bought the loans from them. The reason I own a million dollar house is
because of inflation. No way should my house be selling for a $1,000,000+
but that is what inflation and the government has brought us. Was a $36k
house in 1972. With a 450 addition and a pool which probably cost $5,500 to
build in 1974 the house would have valued at about $40k then. Now it is 25
times that value 36 years later. Way more than CPI indexed inflation and
that has been the measure for increased home value for all but the last 30
years.