Michael Ohl, of Red Lion, took out a $58,000 home equity line of credit from Sovereign Bank during the summer to install a pool in his backyard -- something he had wanted since building his house in 1994.
Taking out the line of credit made Ohl eligible for Sovereign's sweepstakes, which he won.
The prize: $50,000 toward his home equity line of credit, meaning he'll only have to pay back $8,000.
Imagine that -- taking out a hefty loan, only to find out later that you only have to pay back a small portion of it.
What would you do in a situation like that? If you could take out a $50,000 loan, knowing you wouldn't have to pay it back, how would you spend the money?
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In other business news today, Sean Adkins reports on fines levied against the York Casket Co. by the Pennsylvania Department of Environmental Protection.
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