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alstry (34.92)

Few of you have a CLUE!!!! about how rough this is about to get.....

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June 24, 2009 – Comments (10)

From Calculated Risk citing the Washington Post:

A growing number of American homeowners are falling into financial limbo: They're badly behind on payments, but their banks have not yet foreclosed.

The backlog of seriously delinquent mortgages, which so far affects about 1 million borrowers, is a shadow over hopes for a rebound in the nation's housing markets. It masks the full extent of the foreclosure crisis ...

"I have even begged them for a foreclosure," delinquent mortgage-holder Charlotte Jensen said. When she realized she couldn't save her Glen Allen home last year, she filed for bankruptcy, packed up her family and moved out. Nearly a year later, Bank of America has yet to take back the home.
...
Some of the backlog reflects the inability of lenders to keep up with the swelling rolls of delinquent properties.

It is already so bad, lenders can't keep up.........just wait until the government workers and health care employees get fired!!!!

10 Comments – Post Your Own

#1) On June 24, 2009 at 2:07 PM, TSIF (99.96) wrote:

Wow, You're title is absolutely RIGHT.   I'm agreeing with you 100%.  I have no clue how bad this is going to get!  But then again, neither do you.  Hopefully somewhere in the middle of green sprouts with blooming flowers and your profound pessism!

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#2) On June 24, 2009 at 2:11 PM, motleyanimal (87.23) wrote:

Let's all do the "Financial Limbo!"

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#3) On June 24, 2009 at 2:19 PM, kdakota630 (29.46) wrote:

THIS is how bad it's going to get!:

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#4) On June 24, 2009 at 2:53 PM, motleyanimal (87.23) wrote:

 kdakota630

Soooooo, should I sell my REITs?

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#5) On June 24, 2009 at 3:33 PM, jddubya (35.16) wrote:

"It is already so bad, lenders can't keep up.........just wait until the government workers and health care employees get fired!!!!"

And then what?  There is not one thing the middle class american can do at this point.  Unless they've prepped over the last 10 years and even then it will only allow those who think they're prepared to only last a bit longer than those who you keep telling to prepare.  Sheesh!

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#6) On June 24, 2009 at 3:35 PM, TSIF (99.96) wrote:

I wouldn't motley.....  after the explosion  a good piece of real estate will be hard to find........

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#7) On June 24, 2009 at 5:51 PM, wolfhounds (28.99) wrote:

Good thing I bought my wine collection years ago. The damn rich people aren't going away and giving me any price breaks. I'll just have to be content with drinking the stuff as the worlds collide.

BTW, two opposite indicators in my neck of the woods (northern NYC suburbs) lately. Unemployment continues to rise, but the number of people reinventing careers and starting businesses is rising dramatically. Guess we won't all die like sheep.

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#8) On June 24, 2009 at 8:55 PM, Varchild2008 (85.21) wrote:

Nurses get fired FIRST in an Obama Health Care plan.

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#9) On June 24, 2009 at 11:20 PM, oshiri (< 20) wrote:

Great V_D_O Motley Animal!

That's a famous old Hong Kong singer from back in the go-go growth British rule daze.

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#10) On June 29, 2009 at 9:27 PM, AdirondackFund (< 20) wrote:

http://www.youtube.com/watch?v=gqsT4xnKZPg

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