A Million Foreclosures?
There’s a flood of foreclosures coming — about 1.1 million!
According to the article:
You have a 1-in-3 chance of losing your house to foreclosure if you got an adjustable-rate mortgage, or ARM, in 2004 through 2006 that had an initial teaser rate of less than 4%.
If you got a subprime ARM in that period, you started out with a higher rate, and that puts you at less risk. You have a 1-in-8 chance of losing your home.
Suddenly I don’t feel extremely bad about my credit card debt. Just bad. After all, my credit card debt is unsecured. No one will be able to wrestle my house away from me if I ever default on this debt. Which, I will do everything within my power not to!
I just came to the realization that I have a lot less to loose than someone who is about to loose their house.
I have never been thru a foreclosure and to tell you the truth I don’t have any one close to me to ever have either. So I can’t personally imagine what a gut wrenching ordeal it must be. I did have an uncle who walked away from a house because the neighborhood got so bad he couldn’t live there anymore for fear of his life, but that was a decision he took. The neighborhood and the house depreciated so much that it wasn’t even worth selling the house.
