Once upon a Time home ownership was goal of many Americans. But for some homeowners the American Dream turned into nightmare.These homes which lost more than half its value has placed their former owners into default and eventual foreclosure.
Now for some the nightmare is over and they discover there is life after foreclosure and it’s not all bad.
Introducing Shana Richey. She and her husband once were homeowners on Caspian Dr. in Palmdale,CA in the golf course community of Rancho Vista Country Club. The Richey’s were not members of the golf club. However, they lived ok. But house lost value and they were soon underwater. The Richey’s defaulted and since sold the home to the bank.
Today, Shana Richey is not beholden to a mortgage and ironically they moved larger home in the same neighborhood. The rent on the current home is about half of what her mortgage was.
“It’s just a better life. It really is,” says Ms. Richey. Before defaulting on her mortgage, she owed about $230,000 more than the home was worth.
As a renter, this allows the Richey’s to do things that they have not done for years including season passes to Disneyland. She is taking her family on a cruise to Mexico.
“We’re saving lots of money,” Ms. Richey says.
Wall Street Journal has the rest of the story.
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