Operation HELOC: the bad :(

by J. Money - Last updated March 4, 2012

We really got F’d on this one the other day! Seriously, it was going sooooo well. I really thought we fenagled ourselves a great deal. I mean, it still IS a great deal in that we are saving roughly $200 a month currently, BUT here is where they got us (and i didn’t even see it coming!):


You might be saying to yourself, so what? You’re still saving $200 a month. This is true, and i’m thankful for that. BUT consider what this now means:

  1. It was frozen because the market values of the houses in our neighborhood have now gone down! And the bad part is i don’t know by how much (according to my bank of course) as I have to await some elusive letter in the mail stating the amount. ARRGHHHH.
  2. We have now lost access to our entire Checking and Savings account! Remember, we put 9k into it to save the additional interest each month with the belief we could take it out anytime we wanted…and this was working fine until now. Imagine your accounts having a $0.00 balance starting right now. Scary, eh?

So, did “Operation HELOC Savings” work? YES. It saved us $$$. BUT it also F’d us in the fact we “lost” all our savings and checkings, and we NOW have refigure out how to move on securely going forward, as well as start building the aforementioned accounts back up … all the while paying our bill and mortgages at the same time.

On a good note, we (or really I), learned a big lesson here: Spend more time reading what I’m signing as there ARE loopholes for both parties. Seriously, i didn’t see this one coming!


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Jay loves talking about money, experimenting, blasting hip-hop, and hanging out with his two beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!

{ 2 comments… read them below or add one }

1 Mike Reiche October 31, 2016 at 5:32 pm

I’m reading from the start, when I read your previous post I was cringing… then this one felt like a punch in the gut! lol, glad your out of this situation, but man that would have sucked big time!


2 J. Money November 14, 2016 at 6:38 pm

Haha – blasts from the past right there :)

As much as it all blew at the time, it was certainly the wake up call I needed! Buying that house completely changed my life and my career (and friends, money, everything!). Crazy how one decision you make alters your future so drastically.


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