Oh, How The Once Mighty Have Fallen
MSN Money reports on California. “The mortgage industry calls it ‘jingle mail’ — keys that arrive in envelopes from homeowners who’ve decided they’d rather walk away than fight to make impossible payments. The median first-time buyer put down less than 2% to buy a house in 2007, according to the National Association of Realtors. Many put down nothing, even borrowing to cover closing costs. ‘If you didn’t put anything down, it’s much easier to walk away,’ said John Mechem, a spokesman for the Mortgage Bankers Association.”
“In California, Ismael still lives in his four-bedroom house in Menifee, Calif., for now. But he is ready to leave. ‘The situation I am in is really ugly,’ said Ismael, who asked that his last name be omitted. ‘It’s better for me to walk away and leave the stress and everything that is involved in this home. I am about 95% sure I am walking […]
Original post by Ben Jones
