Mortgage and Finance: Faces of Distressed Borrower

As mortgage borrowers we have gotten ourselves into a pickle.  We bought over our heads and pushed the envelope of creativity when it came time to get a loan.  Accusatory fingers have been shaken at the loan officers but there are a lot of borrowers out there who inflated their stated income and provided fraudulent documents.  Let’s take a collective “tisk tisk” and look at how the distressed borrower continues to affect the housing market and everyone across the nation.

Have you seen some of these foreclosures?!  It is understandable that as a situation declines, ones means and motivation to keep up with things would also drop, leaving a house in run down condition needing “TLC”.  Then there are the other folks, the really angry ones that punch holes into walls and smash up otherwise good pieces of house.  This is really a shame.  I suppose the thought process is to get even with the bank and ensure that they cannot get their money back on the home. 

In the bigger picture, though, the damage is not being done to the banks, but to the neighborhoods and… look around… our friends, neighbors, and the whole economy is suffering for it.  If more distressed borrowers had gracefully walked away from a house they could no longer afford and put all their energy into finding a solution and moving on, the result on the market would be decent homes left behind that could have been sold, our neighborhoods would be peppered with “SOLD” signs and the vibrancy of houses being painted and landscaping being planted, rather than season after season of stickers on windows of houses growing sicker and moldier. Chances are the result on the distressed borrower would be improved, as well, without dwelling on the negativity.

The damage that has already been done to these beautiful and innocent houses is done and we cannot change it.  Also done are the creative loans and loose guidelines for loan approval.  Unfortunately, we still have many casualties to suffer as a result.  Whatever the cause of the distressed borrower’s circumstance, he does not deserve to lose his house.  As outsiders looking in, it would be helpful of us to stop judging so harshly and remember that most of us are only one pink slip away from being in the same situation.  Let’s offer support instead and create a situation where distressed borrowers can accept some responsibility in their situation and not feel obligated to take everything and everyone down on their way out.  It took a lot participation for us to get in this position, let’s work together to get out.

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