Today’s post is a true story that chronicles what is wrong with the world of banking, mortgages, and that population of homeowners who are all upside down through no fault of their own. I won’t be describing someone who got a “no verification/no documentation” loan, or someone who was given a mortgage to buy a house that was far outside of their means. This is a story of a hard-working woman who was affected by the downturn in our economy. She suffered a decline in earnings and was forced to sell a home she could no longer afford by doing a short sale.
To protect her identity, I’m going to call her Nancy, and tell you that her house was located in Charlotte, NC – even though it was located quite far from there. This is Nancy’s story, minus many personally identifiable details.