Especially interesting is some of the comments which deride us "deadbeats".
-
Especially interesting is some of the comments which deride us "deadbeats". -
In 2002, when I was working full-time (with overtime), I bought a house.
In 2004, my hours got cut.
In 2008, they got cut AGAIN. I went from 40+ hrs per week to 26.
I tried to find another job. Unemployment in my area is 14%. No luck.
I called my mortgage company. I applied for a loan modification. Declined - my debt to income ratio was too high (Um, yeah, hence the problem!).
I called again. Look, I said, I can't afford to give you $650 a month, but I'm not broke. Will you take $300 a month, even for just a year or so?
No, the company said. If you can't give us the whole thing, don't bother sending anything.
So I didn't. I stopped paying my mortgage, put my house on the market. House went into foreclosure, and then I found a buyer. Sold the house in a short sale, and the bankruptcy takes care of the deficiency in the mortgage.
If the bank had only been willing to work with me, I'd still have the house. AND they'd still have a homeowner with a five-figure mortgage. The buyer of my house paid slightly less than half of what my mortgage was - in cash. No mortgage, no chance to make any money on interest.
I don't feel bad - I feel like I was honest and did everything I could to keep the house. It was the mortgage company - not me - who dropped the ball. For reasons that elude me, they'd rather have an empty house than a lower mortgage payment. Go figure.
Comment