Thursday, April 28, 2011

Jingle mail is so 2008.

Over the last couple of years I've started shying away from talking to people I know about the housing market. The stories are just too devastating. It isn't that you don't want to know - but you know that it's a sensitive situation and you let people talk to you in their own time.

However, the stuff I heard today - really made my jaw drop. You see, I know a lot of people who have lost houses. In the beginning, people would mail their keys back and let the banks short sale it or do whatever. I know two people who did that. One is living in my crapshack.

This new group of defaulter though, has dug in. Yeah, we've all heard stories of people not paying their mortgage for years. The new group has been paying attention to this. This is the story as it was relayed to me by a childhood friend.

Her friend had stopped paying her mortgage. The house went into foreclosure. It was up for auction at the courthouse. For some reason the auction got canceled that day. The friend scraped together enough money to file bankruptcy before the house was up for auction again. And now the bank can't do anything. It's been three years since she has paid any money for the house she is living in.

Separate friend. Filed for a mortgage restructuring. The bank denied it. She moved out of the house and the house has been vacant for a year. She just got a letter in the mail saying the bank was reconsidering her loan mod.

Now I don't approve of any of this. I understand getting into trouble. And I hate the banks as much as almost anyone. But, this kind of stuff just holds us all hostage.

I mean.. fuck! Why do people think banks aren't loaning money.

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