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Driving home from my first day of work on Monday, I looked over to see my old friend Steve*, driving in the lane next to me. I haven’t seen him in over nine months, and the last thing he said to me was very hurtful. Over the past several months, I’ve been struggling with forgiving him – strangely, it isn’t the first time I’ve had to work on this in my relationship with him.
We met at college through mutual friends. One weekend, most of the others took off on a trip to Portland, and the two of us found ourselves standing on the sidewalk in front of the Conard Hall, wondering what we were going to do. As we walked to the cafeteria, we hatched a plan to go backpacking. It was one of the most memorable trips I’ve been on. From that point forward, we became great friends. A few years later, he was the Best Man in my wedding, and a couple of years after that, I returned the favor and served as his Best Man. read more…
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We face a very real possibility of having our mortgage foreclosed. Some have told us it is unethical and immoral for us to default on our loan. However, we (nor the 7 million other homeowners who face foreclosure) didn’t cause this crisis. It was the corrupt, greedy, and shady business practices of the big lenders who created this – along with the lack of oversight by our regulators. Not only did they sell loans to people who couldn’t afford them, engage in predatory lending practices, but they bet against those loans – knowing they would make more money if the loans failed.
It isn’t right to expect the common homeowners to bear the brunt of this crisis. Granted, not all seven million homeowners who face foreclosure did the right thing, engaged in ethical behavior, or made correct choices. But don’t tell me I’m immoral for defaulting.
In the last three years, we have lost over $100,000 in equity.
We didn’t buy too much house. We don’t live a life of debt. Both our cars are paid off. We had 3-4 months salary saved – in addition to long-term savings. It was a perfect storm of the worst recession since 1929, an unexpected job loss, the bursting of the housing bubble, and corrupt lenders. Now, with the surviving lenders making record profits, and paying out millions of dollars in executive bonuses, people are telling me that I”m immoral for defaulting on my loan.
I don’t think so…
If we had gone into this expecting to default, that would be another story – but we entered into this secured mortgage, expecting to stay with the house for awhile. But the rug got pulled out from underneath us.
If you want to point fingers, point them at the lenders who made shady deals and then bet on failure. Hold their feet to the fire – not mine.
Oh, by the way, I’ve created a Facebook page here, for people to share their collective wisdom on navigating the foreclosure minefield.











