re: A good buddy called me asking for money yesterday. Update 6/12

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That's why it's so hard for them to understand people outside of that bubble and don't believe the stories.

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I see it more than most when we do mortgage inspections and evictions. People will have vehicles less than 2 years old, boats, toy haulers, ATVs, etc in their yards but put off paying their mortgage.

I used to wonder why they don't sell the toys first and there are a few reasons.

One is pride and keeping up with the Joneses. If they sell they have to explain to friends why.

They think they have more leeway with a mortgage and they sort of do. It takes forever in most states to reach eviction once you get past the 90 days late and the filings start. You can also delay it further with some legal maneuvering, especially bankruptcy.

We had one in Lafayette recently where the guy quit paying his mortgage 4 years ago and lived in the house for free during that time. He was actually surprised when my crews and the deputies showed up to put him out as he had successfully delayed it for so long.

The other is they are upside down on all of it and would have to come up with cash to make up the difference in what they could sell the cars or toys for vs what they owe.

They let the credit card payments go first, then the house because of how long it takes to get evicted. Cars and those other things are easier to get repoed if you don't pay after 60 days so they still have all of the toys, kids are still playing travel ball, etc.

It's baffling to me but I see it week in and week out in all 13 states I operate in.