"Not Paying the Mortgage, Yet Stuck With the Keys"

Posted by: Peter Coy on June 25, 2009

Check out this great Washington Post story from yesterday about the backlog in foreclosures. The human interest is a woman from Glen Allen, Va., who moved out of her house last July and has been begging the bank to foreclose so it won’t be her responsibility anymore. As long as her name is on the title, she’s been going back and trying to keep it neat. She even tried to clean up from a fire that broke out in January. Here’s the final quote in the story:

We could have walked away like everyone else and said, ‘We don’t care.’ But we loved our neighbors and our neighborhood. We hold ourselves responsible.

I don’t know why she fell behind on her mortgage in the first place, but I admire her sense of responsibility at this stage.

Hat tip to Matt Stichnoth at Seeking Alpha.

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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