Tough piece on NPR today talking about real life implications of foreclosures in Virginia.  Married couple with 4 children.  Mother lost her job right after telling her employers she was pregnant with their 4^th.  They couldn’t make up the delta in income and couldn’t meet mortgage or utilities and then lost the home.  Now living in a homeless shelter.

It made me wonder – seems pretty clear these poor folks didn’t have as much margin for error as they needed when they bought their home.  And the knee jerk is to think maybe they should have known better.  But I wonder how long the average homeowner could last in their home if they lost all their income?  I’d be willing to wager on average it’s 3-6 months.  And let’s face it, even if they were renting could they have remained in the home?

Tough times hurt no matter what.

For more information on Virginia foreclosures, click Virginia Foreclosures, Default, Auction and Bank Owned Properties.