poor&unemployed

Mortgages and Lending In The Subprime Meltdown [Housing Tracker]

But if you can't afford the fully amortizing payment, what do you do then? How many people would be able to make the new mortgage payment? (It's probably easier to earn that much in LA than in Reno, NV, but you get my drift.)
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One has to do the same thing that all other hard working Americans have done for a very long time.......

Declare bankruptcy, cut your credit card, give back the Hummer, stop drinking $5 latte, rent a small cheap apartment, drive a 10 year old junk, throw away your cel phone......... I can go on and on!

Let's get one thing clear - bankers have never been in business of losing money. On the otherhand, they are known for asking for a pound of flesh! It is high time that we start placing the blame where it belongs - the reckless gamblers and social climbers. Second mortgage should be looked down upon not glamorized in to some kind of exotic investment. House is to live in and raise family not a casino.