The American Dream goes off track
It’s mortgage Monday, or Black Monday in the case of our two guests.
Today, we are joined by two rather ordinary Seattleites who got buried by the economic downturn – and in one case a crooked contractor – and are now left with property that’s worth a fraction of what they owe. For instance, a pile of dirt near Green Lake that carries a $350K mortgage.
With an estimated 25% of homeowners in America under water on their mortgages, these stories, though horrifying, are becoming rather commonplace.
What are their options? What are the bank’s options? What does a foreclosure look like to someone going thru it? Eric McNamee is our mortgage expert who specializes in foreclosures.
Here is our Music Director Chris Mays’ music pick.
Dr. John / Tribal
Robert Plant / Band of Joy (9/14 release)