Foreclosure: You give your house back to the bank because you can't make the mortgage payment. The bank then auctions it off or they sell it through realtors.
This is what drives foreclosures:
They could fight to save their house. But what was the point? It's worth at least $40,000 less than they paid. They can rent in this depressed market for a fraction of their monthly payment.
"It's sad to say but honestly, we don't feel like there's anything worth saving in this house," Joy says. "Financially, we've got nothing to show for it."
So the couple decided to let the place go. Everyone said it was the right thing to do.
Still, it doesn't sit right with her husband, a painter and construction worker. When times were good they made a commitment, Paul tells Joy. Somehow, it doesn't feel right to just walk away.
"It's sad to say but honestly, we don't feel like there's anything worth saving in this house," Joy says. "Financially, we've got nothing to show for it."
So the couple decided to let the place go. Everyone said it was the right thing to do.
Still, it doesn't sit right with her husband, a painter and construction worker. When times were good they made a commitment, Paul tells Joy. Somehow, it doesn't feel right to just walk away.
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