Foreclosures - is it really an opportunity?

Alinta
Not having a car pamnyet is always nice.Another thing to consider is that you can write off mortgage interest but not car loan interest. So you'd be better to have more loan on your house and less loan on your car, if you see what I mean.Bandit makes a good point, though. Equity in your home gives you power, so you want to be careful not to remove too much of that equity.

Winnie
refi, buy don't take money for the car. Doing that finances the car for a much lngeor period than if you finance the car itself. Also, it might be a point that you would want to dump the car ?I agree cash is king for purchasing and making the best use of money, but not with long term financing. Lower the house payment to as low as you can on a fixed rate and keep the equity in the house. During downturns, there will still be equity and borrowing power. Get underwater and all your options are lost.

Lily
Weeeee, what a quick and easy slouiton.