The mortgage crisis is something we all have heard about during what… the last couple of years? People buy a house, then they cannot pay for it, the bank gets it, the bank sells it. I know how it works, I sold a couple of properties that were on foreclosure when I worked in real estate. Fortunately, I never had to meet to unlucky people who lost what they invested in.
Whatever the reasons are for a person to see their house go to foreclosure, I think banks and Realtors are adding more salt to the wound by displaying those huge signs saying “FORECLOSURE” or “BANK AUCTION” — Sure, buyers are getting great deals, but the people who have to see their properties go, and on top of that being on the public eye? I may not know much about how it works here in the U.S., but would it be too much to ask to let people go at least with a little bit of dignity?
Let’s say you lived in the neighborhood for years. Let’s say one day in a bad move you lost your home. How would it feel that what was once your house is displayed in way for people to think who knows what. And yes, it is stupid to think about what people are going to say, but it can’t stop me from thinking that it must be pretty darn hard and humiliating.
Just a thought that I had after watching a piece on the current mortgage crisis on 60 Minutes. And that is just the tip of the iceberg. But I’m not a money/real estate/economy expert. I just think about the emotional repercussions of the situation.