pay for a new roof.
Question: (I’m working on the house before work, and week ends. If I was to wait a couple years I could have paid cash, but not I’m forced to beg for a loan. If I had bough the new truck I was looking at, they would have loaned me $23,000 and had me out the door in an hour. Why is it so hard to get money for a home?
Because if you don’t make the loan payments on a truck, once they’ve repossessed it they can have it sold in a matter of hours. If you default on a mortgage, it can take months before they can foreclose, and longer yet before the place is sold. And usually a lot more money is at stake.
Answer: Gee, a $65,000 2,200 sq foot colonial style house that has more then $10,000 in new cabinets, appliances, flooring, upgraded electrical, and plumbing fixtures, new roof, new basement, profesionally done landscaping, and a new 24′ x24′ garage. Plus another $5,000 to $10,000 into my own personal sweat equity-ie work done to the house. The bank would have less than $45,000 invested in the property. I bet they’d be heart broken to foreclose on the property wouldn’t they? With the housing market in our area going high. I’d say they’d clear anywhere from $25,000 to $30,000 after legal fees, and closing costs. (Not to mention what I have already paid in intesest on the house).
Someone could total out a new a truck without insurance, and the hit the bank takes can be almost as great as the amount of my mortgage or even more of a loss. Plus you can’t hide a house from the repo man no can you? 
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