There are a lot of distressed owners who are in serious trouble.
I think it will be awhile before we see the bottom of this market.
According to this report from ABC News it isn’t just the average homeowner who is over his or her head in an upside mortgage. Some celebrities are losing their homes also.
But many tragic stories are being told of distressed homeowners who are resorting to violence.
A point is brought up in that article that many of these people didn’t think the government would let them go down in bad mortgages. There’s a lot of anger and anxiety out there.
To me, that spells out don’t wanters. We talked about that a little yesterday, but I think there will be many people like the young man who worked for my Dad in the late 70’s and was upside down in his car loan.
"I wish I could abandon my truck on the side of the road," he told my Dad. "If only I could just leave it somewhere and never have to look at it again…"
Do you think distressed homeowners will be willing to work out a deal?