[quote=CBad][quote=svelte]
Had they shrugged their shoulders, said we made a mistake, and moved to a rental without waiting until the sherrif showed up, you (the kid) would not have been the wiser.[/quote]
I really think you’re assuming too much here. Moving into a rental would have been no big deal but assumes one has the funds, ability, and steady cash flow. What if the next step is homelessness? You’re painting a picture of a best case scenario foreclosure I guess. It’s true that the reaction is more of the issue but it’s also true that many times when there is a foreclosure, there are a whole ton of other things going on as well that led to it. You’re discounting things like divorce, death, abandonment, job loss, medical issues, legal issues, etc. It’s not like the matter is always as simple as going from owning to renting and involves people who are just bad with money.[/quote]
Exactly my point – it is not the foreclosure that is painful… there are so many things in life so much worse than failing to make payments on a loan.
What you are saying is that real pain is actually divorce, the death, etc. and I couldn’t agree more.
I think you were the one making an assumption that a foreclosure means that there was a divorce, a death, etc. Maybe there was in your case, but I think if you look around today, most of the foreclosures are due to financial miscalculations (interest only loans, thinking they had to buy before being priced out, just deciding that they are underwater and don’t want to make payments on a depreciating asset, etc).
