Thursday, March 29, 2007
Another Foreclosure Story
As I was listening to Market Place Money on the radio yesterday, I heard a caller with a story that typifies the mentality of so many people with financial troubles and the blinders they wear. A woman called into the show explaining that she, her husband and two kids need a larger home. As a result, they put their existing home on the market. Problem is that their home has been on the market for 15 months without any serious buyer prospects. Now, the caller states the family is considering foreclosing on the home just to get out of it.  Has the credit implications not sunk in with this seller? Is a larger home really necessary? Can the family not be content where they are? A foreclosure is an option on the current home, yet they are looking for a larger home??? Either I completely missed the point of the call or this woman is high.
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