Yup, this is a familiar scenario here in California. It's pretty sad. However, I can't help but think that the borrowers need to take some responsibility for the mess they're in.
I know of a family of three living in a 2,600 square foot house with six bedrooms. They've tapped the equity for home improvements. Guess what. They're now in foreclosure. Since when does a family of three *need* six bedrooms and 2,600 square feet of space? Do they want to downsize? Hell no. They want to find something similar to what they're living in now. Good luck.
A real estate buddy of ours is trying to talk us into purchasing a second home and renting it out. The theory is that rental demand is skyrocketing because people are getting kicked out of their homes because of foreclosures. My reply to him was, "If these people who got foreclosed upon were not paying the *bank* on time, what on earth makes you think they would pay *us* rent on time?"
No thanks....
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