She is an accountant and didn't read the papers? What will a foreclosure record do for her future employability?
Yeah. Problem is, a lot of people don't. Eventually it affects everyone. A lot of these "customers" for new homes should never have been customers. And less customers means lower prices. The whole housing bubble was a, well, bubble. People had loands that could not possibly be manageable unless 1) the value continued to climb at a rapid rate or, 2) they won the lottery.
The prices have flattened (which is only phase one) and not that many people win the lottery.
>>She is an accountant and didn't read the papers? What will a foreclosure record do for her future employability?<<
This is the law of unintended concequences. For people under 40, they have lived in a world that had so many laws protecting people signing contracts, and contracts have become so complicated, that they just "assume" they are protected and everything will be ok. The loan officer is like their mother telling them that, "Don't worry dear. This was drafted with the protection of your interests as it's primary focus and reason."
It was really drafted to make a loan officer a commission and a bank an indentured slave.
Reading contracts is, like, you know... SOOOO much work.
It will impair her ability to obtain future employment at large corporations (incidentally, those usually have the highest salaries - oops); as they do credit checks - especially for positions where discretion and trustworthiness are paramount - such as "accountant". She could probably work in the financial departments of smaller companies, family-owned businesses, hospitals, or law firms - those organizations never check financial records. In the meantime, she really needs to consider employment if they are down to splitting single bags of rice. Self-imposed disaster calls for hard work to correct it...
Reagan80
I hope she's not looking for work as an accountant.