Breaking into the home equity nest egg is becoming a very real possibility for more Americans as home prices rise. But raiding the house bank is not as easy as it was before the recession, and not everyone meets the requirements to borrow from home equity.
The seeds of this article were planted in my brain some 30 odd years ago, when I did a consulting project for the United State Department of Housing and Urban Development, or HUD, for which they contracted to pay me $2,500.
Q: We are under contract to buy a home. We have our loan approved, and the closing is in about two weeks. The sellers just dropped a bombshell on us that the home they are moving into won't be ready for another month, so they want to push back our closing date. We really want this house. What should we do?