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I did post-sale default for 8 years as a paralegal during the Great Recession. If you’re in a judicial foreclosure state, you’re going to be in court daily, arguing that the reason the borrower defaulted doesn’t matter, the debt is still past due and the lender deserves to foreclose. If you’re in a non-judicial state, you’re fielding the same phone calls and signing demand letters en mass. Either way, you’re just a cog in the machine grinding people up and spitting out their homes.
Common reasons people default:
1) Death or hospitalization of the breadwinner
2) Job loss
3) long-term illness of borrower or a family member (may coincide with #1/2)
4) bitter divorce destroying everything
5) very rarely, people who are just gaming the system
If you can avoid taking it personally, it’s a paycheck (but it wasn’t a great one when I did it).
I really appreciate your reply. I understand the subject matter can be an issue for a lot of folks. The job (at least as its been described to me) is pretty cushy in terms of expected hours and salary, and so I am strongly considering it, but it is important to know what the job truly entails.
Rising Star
Ever read a letter from a debtor losing her home to foreclosure because she had cancer and could no longer afford the payments?