My 10-Year Odyssey Through America’s Housing Crisis
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My 10-Year Odyssey Through America’s Housing Crisis

By Patrick following x   2018 Apr 15, 6:56pm 231 views   3 comments   watch   sfw   quote     share    


https://www.wsj.com/articles/my-10-year-odyssey-through-americas-housing-crisis-1516981725

Twelve years later, little about my life remained the same. I’d left Alabama to take a job at The Wall Street Journal. I was no longer married. Pierre, the dog, had died of old age. But I was still sending mortgage payments each month to a bank in Alabama.

I would have sold the house long ago, and in fact I tried. But when the U.S. housing market collapsed in 2007, the property’s value fell far below the amount I borrowed to buy it.

Walking away was never an option. I’d signed papers promising to pay the money back and I intended to do so one way or another. In case my moral compass ever needed a shake, laws in Alabama, as in many states, allow lenders to pursue the difference between the mortgage debt on a property and what it fetches in a foreclosure sale.

For much of the past decade that number kept growing. At one point, it would have been nearly $70,000.
1   lostand confused   ignore (0)   2018 Apr 15, 7:23pm   ↑ like (0)   ↓ dislike (0)   quote        

Patrick says
In case my moral compass ever needed a shake, laws in Alabama, as in many states, allow lenders to pursue the difference between the mortgage debt on a property and what it fetches in a foreclosure sale.


Wow-I did not realize that. I thought in the US mortgages were non recourse-they could just grab your house. You learn something new everyday!
2   Patrick   ignore (0)   2018 Apr 15, 8:06pm   ↑ like (0)   ↓ dislike (0)   quote        

I did not realize that it varies by state.

I thought that the first mortgage was non-recourse, but if you refinance at all, even taking out $1, then it becomes recourse and they can go after all your other assets. But it seems that is the law just in California.
3   HEYYOU   ignore (9)   2018 Apr 15, 8:37pm   ↑ like (1)   ↓ dislike (0)   quote        

Do you know why birds fly upside down over Alabama?
There is nothing worth shitting on.




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
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