This article is one of many that has been in the news in the past year or so. It's highlighting the crisis of home ownership in America. This is a very big deal because owning property is part of the foundation of this country: economically, socially, etc. Think about what it means to own your home, and what it means to own a home in one neighborhood versus another. Cities and towns function primarily through property taxes levied on homes. It's a big deal.
If you recall, I own an apartment in Brooklyn. It's far from the shi-shi areas that most people covet in Brooklyn, but it's a nice neighborhood, and the apartment is huge compared to most of those apartments in the shi-shi area...900 square feet, baby! There was a time a few years ago where I was way behind in my mortgage. To be behind in my mortgage means to owe the bank 4 figures in a hot minute, so just imagine what being way behind looked like. The amount due every month is totally doable, but as soon as you get behind, you get screwed. I was screwed.
It took a year, but I worked my *ss off to get back on track and I haven't fallen behind since. When I moved to Boston, I found a fabulous tenant who pays the rent on time every month and keeps the apartment nice. So now she's paying my mortgage. Good times.
I feel fortunate that I'm not the one in 11 who's facing foreclosure. I feel lucky that I have a tenant in my place. I also feel charmed that I did not receive a sub-prime mortgage, that my rate is fixed for the life of my loan. But I also feel proud that I pulled my mortgage back in good standing on my own...before the economic sh*t hit the fan. And that my mortgage remains in good standing through this national crisis. I did that! Luck has nothing to do with that.