Book Trailer The Noble Train

Saturday, June 25, 2011

Imprisoned in McMansions

I haven't paid my mortgage for three years the woman said outside foreclosure court. I had gone for my normal three month meeting over an investment property short sale and the woman had sought me out in the hallway. You look like you know what you are doing she said. I didn't but I listened to her tail of McMansion woe. She had bought in the boom and ran up a mortgage to about 450k with a second tacked on. Her house was now turtle to the tune of about one hundred grand. Her job imploded and she went into a loan modification that never happened and started going to foreclosure court staving off the inevitable. Three years later she had not paid a dime.

But it sucks. I feel like such a loser still living in my house, but I cant afford to move, she went on. It's like I'm in prison. True. Her four thousand square foot monster is her prison. McMansions became pretty standard in the boom for the most egregious debtors in the move into upper middle class mobility. And why not? Money was cheap and the houses were amazing but now these Tyrolean haunted houses are prisons for thousands of people who cannot afford to move.

I can't afford to downsize because obviously I cant sell and I wont have a down payment and my credit is shot the woman said fearfully. All I can do is keep coming here and hope they wont foreclose. And they probably wont with foreclosure projections sixty two years in New York to clean up the mess and ten years in Illinois. The McMansion prisons start to fall down because people cant afford the maintenance, but like the golden handcuffs of a job we hate ,the person simply cannot afford to move.

It's schizoprhenic. I pull up to this big beautiful house everyday and I'm so broke I couldn't afford a bungalow. She paused and shook her head.  I'd like to afford a bungalow. That would be heaven to live in a small house.
Rocket Man comes out July 26th
Rocket Man in July

Books by William Hazelgrove