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Apparently, out neighbor is leaving (fortunately, the bad one)

When we first moved in we had really good neighbors on both sides. Fortunately the people we share a wall with are professional landscapers and the best people in the world, and are the original owners of their side and not planning to ever leave.

On the other side, we originally HAD a good neighbor, but he moved out some years ago and was replaced by a large family with multiple pickup trucks. They weren't very social and the only contact I had with them was when the owner of the large dog was out front smoking.

Found out today from the Postal Letter Carrier (I'd say mailman but she wasn't) that today was the last day for delivery of their mail. I never saw a for sale sign in their yard, and in one of the last conversations I had with them, I learned that their mortgage payment was roughly double what ours was due to the real estate prices at the time as well as the state of mortgage rates. I seem to remember $2300 a month as being the figure.

I'm guessing the drop in real estate values gave them negative equity, and they are just walking away from it.

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mortgagereverse May 1st, 2008
Unfortunately, that is happening all too often these days. But the international banking community is starting to invest in US based mortgages. In my industry, reverse mortgages California a Belgian bank called KBC is now investing in senior citizen's mortgages. As this happens more and more, we'll get more mortgage money back into the market which will help your neighbor's senario - though it may take a while.

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