Tuesday, June 1, 2010
No Shame… Don’t Worry – Someone else will bail you out.
One reason the house is worth so much less than the debt is because of the real estate crash. But the couple also refinanced at the height of the market, taking out cash to buy a truck they used as a contest prize for their hired animal trappers. â€œI stopped paying in August 2008,â€ said Mr. Tsiogas, who is in foreclosure on his house and two rental properties. â€œI told the lady at the bank, â€˜I canâ€™t afford $2,500. I can only afford $1,300.â€™ â€