[quote=urbanrealtor][quote=Allan from Fallbrook]I’m coaching a kid whose family is at 18 months and counting since their last mortgage payment (Fallbrook/Valley Center area).
They received NOD six months in and haven’t made a payment for a year following and still no Notice of Trustee sale from the bank.
Talking to the dad, he indicated that he actually hasn’t heard anything from the bank since the NOD and is treating no news as good news. I asked him if thought about calling the bank and asking what is up and his response was, “Hell, no!”. He figures better to leave well enough alone.
Pretty amazing when you think about it. This isn’t the only family I know of in this situation. I know no less than six people in Temecula/Murrieta area in roughly the same boat.[/quote]
Allan’s version is becoming the norm.
Or rather, it is the norm.[/quote]
Dan: I was talking to a coach on another team recently. Last season, this poor guy was a wreck. He had been in mortgage banking and, needless to say, business was tanking hard. He almost gave up coaching with all the work stress, but didn’t (I think that’s what kept him sane).
This season, he’s a new man. Joking, laughing, light-hearted. I commented on this during a game a few weeks back and he grinned at me and said, “Stop paying the mortgage last November”. I asked him what the status of his house was and he didn’t know. Nothing from the bank and he and his family will stay there until the bank evicts them and then they’ll find something else. He said he is banking approx. $5k per month in savings and has been doing so since late last year. I asked him about his credit and he told me that, given the economy and how many people are seeing their credit wrecked, he wasn’t too worried.
Plus, he said he knows about dozens of potential rentals from his friends in banking that are available.
Welcome to the new economy. I think we haven’t seen bottom yet and while the government is doing their best to gin the system, but, at some point, we’re due for a second BIG leg down.
