Forclosed US Mortgagee's using houses as a 'life raft'

Despite being a big fan of the US, they do have the phrase "Only in the USA" that goes with the silly and outlandish things that you wouldn't expect to happen. Things usually associated with people smoking during pregnancy, being able to buy a gun in Walmart for $34 dollars without a licence (Texas) and having more types of Hershey's bars than you can think of. 

However, has the US started to get too exorbitant and used to the 'high' life of debt? 

This NYTimes article  indicates otherwise. Instead of handing back the keys to foreclosure - the latest attitude is 'come and get me', leaving banks and agencies to follow up with the paperwork and administration. According to the article borrowers in foreclosure twice as long as their contracts to vacate the house- and average 438 days (over a year!) and spending the cash now instead.

Only in USA can you find bankrupt squatters still spending borrowings against non existent capital.

Next stop Europe?


What's Up Jono? http://whatsupjono.blogspot.com
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