Despite a lifetime of hard work, Robert and his family are in danger of losing their comfortable home in Mount Pleasant to foreclosure, after a workplace slowdown dried up his income.
“When you’re in that situation, it’s humiliating,” he said. “When you’re wondering whether or not they have to move out, it’s tough, and hell, it makes you feel that even though you know you’re capable of providing for your family, you’re not doing a very good job.”
Robert, who didn’t want his last name printed to protect his family, is one of more than 2,300 individuals and families in Charleston who faced foreclosure lawsuits from lenders last year. His story illustrates a crisis that has stretched beyond low-income areas to affect the classic middle-class family.
The local foreclosure rate isn’t as severe as the national rate, which rose 75 percent last year, but county officials say they expect the numbers to rise as Charleston catches up with the trend. And across the country, the higher rates are giving people pause and prompting the question: How did we get here?
An obvious thing for prospective homebuyers is this: Stay away from Adjustable Rate Mortgages! Avoid them like the plague, and continue renting if you have to! Seek financial advice from a professional counsellor if you have to.
Definately… but I wonder what the percentage rate is for those who have had their homes seized for non-payment of their property taxes? After all, we don’t OWN our homes, we just RENT them from the counties in which we live.
Libraryjim, I think my comment about seeking financial advice also applies to those who don’t pay their property taxes. Help IS available for these folks.