[T Pat]

My stepson lost his house last year, it was a train wreck waiting to happen. I'm still amazed he got a loan and I have to admit I enjoyed saying “I told you so”.
My brother is walking away from his house, he's 50 a foreman for a union drywall contractor that has work lined up for several years, they only work on new schools and prisons.
His wife is 48 employed as a teacher at one of the state prisons for 20+ plus years.
Combined income for the two of them is $250,000, they have put three kids through college and one through beauty college.
Three years ago they sold their house that they had lived in for fifteen years.
Bought an older house on a one acre lot, did a major remodel and their walking away from it, not because of a ARM or having trouble with payments, all of their neighbors had ARM's now it's just not safe anymore 9 out 10 houses in the area are boarded up, the copper thieves are stripping the houses and there are big fucking rats running around he's had a few commit suicide in his swimming pool. It sucks they can't sell the place and their credit will be shot until he's 60.
On a plus note my daughter and son in law are buying (just went into escrow yesterday) and they had no trouble getting a 30 year fixed loan with 20% down.