Wednesday, January 26, 2011

Officials say trend shows no signs of slowing

23 percent who lost homes to foreclosure could afford payments

“They are looking at the last 30 to 40 years of their life and feel it doesn’t make sense to have that kind of debt hanging over their heads,” Searby said. “It’s about their quality of life and that all they are going to pass on to their kids is debt.” That scenario describes one Las Vegas resident who took part in the survey. Lee, who didn’t want to use her last name, said she plans to walk away from her $1,700 a month mortgage even though she can afford the payment. Lee said the value of her home that she refinanced about six years ago for $235,000 plummeted from $270,000 to $80,000 today. Since then, she has retired from her federal job and had her husband leave her.

Posted by mark @ 09:23 AM (984 views)
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One thought on “Officials say trend shows no signs of slowing

  • the number cruncher says:

    Many of the people in the UK will never get a choice to live their lives lives in freedom instead of debt peonage

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