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I Thought We Were Friends!
I had a conversation with a good friend of mine yesterday who owns a few properties in a small Oregon town.  He shared with me a story that is not unlike that of many people who have been devastated by the bubble burst and predatory lending.
He has lived in the same town for most of his life and used the same bank to obtain loans on all of his houses for the past 22 years.  For the past five years he has been upside down $600.00 a month on an investment property, never being late or missing a payment.  Recently, he visited a "friend" at his bank to discuss the possibility of refinancing this property.  He explained to this "friend" that he was literally going broke trying to stay current on the property and that he needed help.  After explaining his humbling position, he was told that there was nothing they could do for him.  He was told that if he only had more reserves...blah, blah, blah, (If he had more reserves, would he be asking for help?)  This "friend" went on to explain to him that if he stopped making payments, they would foreclose on the property, sell it, ... more

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