Superman Comic Saves Family Home From Foreclosure 217
A couple's home was saved from foreclosure after they found a copy of Action Comics #1 in a box in the basement. From the article: "In a statement released through ComicConnect, the owner of the prized comic book said the family was still 'a little shell shocked' after the unexpected find. 'I was so nervous when I realized what it was worth,' the owner said. 'I know I am very fortunate but I will be greatly relieved when this book finds a new home.'"
Worth (Score:5, Informative)
From the article:
Re:they have owned the home since the 50's (Score:5, Informative)
means they probably refinanced a few years ago to "liberate the equity" or "put the equity to work".
An article I read yesterday said that they took out a home equity loan to finance a small business startup -- which subsequently failed.
I don't know any of the details about the failed business, but even in the best of economic climates, the odds are against you.
Re:They still have a mortgage? (Score:5, Informative)
Read the first page of TFA. "The couple had recently taken out a second mortgage on their home to start a new business, which failed in the uncertain economy."
Re:Where did you get your information? (Score:2, Informative)
It helps indirectly. Stock trading on the secondary market (ie, anything that isn't an IPO) gives the original investors liquidity and allows them to make new investments.
Re:This is a commentary... (Score:3, Informative)
WTF? Is there another measure of "value" besides "what someone is willing to pay for it"?
Yes, there are quite a few [wikipedia.org], in fact.
Re:they have owned the home since the 50's (Score:2, Informative)
Actually, over extending yourself and losing your home pretty much shows that you are the twit.
They lived beyond what they could support and it came back to bite them. Sucks. It happens. It still their fault, not the economy. Having owned a home for 60 years they could have paid it off twice by now under any normal circumstances OTHER than willingly risking their home with something that didn't pay off.
No, there is no legitimate need to do that, none. College is free in America if you bother to find the grants (not even getting loans!), starting a business with collateral and a SB loan was trivial up until about a year and a half ago ...
So having paid for college myself, and having started my own business before I turned 21 with the help of the Small Business Association, a bank, and the title to my car forgive me if I don't feel sympathy for some people that risked more than they should have and almost lost it. At most they should have lost some far less valuable bits of collateral. You aren't going to have a business with no home, but you can have a home without a business. You do not put one up as the collateral for the other.
I'm glad they found a way out of losing their home though, I don't wish that on anyone, but I don't feel sorry for those who bring it on themselves.