Quote:
Originally Posted by mynameisjim
Is the goal to ultimately take the home away from borrower? I can't imagine many people who live in a $50K home being able to afford a $25K loan at 20% APR.
|
He means 50k in equity. If the house is worth $350k and the mortgage still has $300k left to be paid, then the house has $50k in equity.
WG