Word: mortgagee
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President Barack Obama described this stark reality in his recent speech rolling out an expensive plan to keep the housing market from sinking further. Picture "a young family," he suggested. "They save up. They search. They choose a home that feels like the perfect place to start a life. They...
Then one thing goes wrong. "Perhaps someone loses a job in the latest round of layoffs, one of more than 3.5 million jobs lost since this recession began," Obama said. "Or maybe a child gets sick, or a spouse has his or her hours cut. In the past, if you...
His finances began to fall apart. As he shuttled from one doctor to the next, his demolition business went into the tank. He was in no condition to rip old houses apart, and even if he had been, the soft economy was suffocating. Having pledged his home equity as collateral...
The math looks like this, he said: his pension pays him a little more than $50,000 before taxes, out of which he pays about $800 a month for medical insurance. That leaves some $2,400 a month, he said, for his mortgage and other expenses. He has about $15...
Late last year, Zachery told me, he received an invitation from the company that services his mortgage to apply for a loan modification. He has a 30-year, fixed-rate mortgage at 8.99% interest, at a time when the Federal Reserve is trying to push rates below 5%. But after...