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housing zombies

This story is humbling, but these folks could have short-sold this house years ago and gone back to living in their townhouse.  How many people are not paying their mortgage, and not getting foreclosed?  Hat tip to Nathan for sending this in from the wapo:

http://www.washingtonpost.com/sf/investigative/2015/01/26/distressed-family-swamped-by-an-underwater-home/

A decade ago, Comfort and Kofi were at the apex of an astonishing journey they had made from Ghana in 1997, when they had won a visa lottery to come to America. They did not know it at the time, but they were also at the midpoint in their odyssey from American Dream to American Nightmare.

Today, they struggle under nearly $1 million in debt that they will never be able to repay on the 3,292-square-foot, six-bedroom, red-brick Colonial they bought for $617,055 in 2005. The Boatengs have not made a mortgage payment in 2,322 days — more than six years — according to their most recent mortgage statement. Their plight illustrates how some of the people swallowed up by the easy credit era of the previous decade have yet to reemerge years later.

http://www.washingtonpost.com/sf/investigative/2015/01/26/distressed-family-swamped-by-an-underwater-home/

 

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