"It's been such a nightmare," LaRochelle told HuffPost. "I tried to work something out with Wells Fargo, but they wouldn't even talk to me until I was 30 days past due. We tried a deed in lieu three times because they 'lost the paperwork' twice, and then they turned it down because they said we hadn't advertised our property at fair market value. I had no idea that our property had dropped in value from 139K to 49K, and I didn't see how we could have advertised it for less than the 120K that we owed on it."
The LaRochelles are two of the nearly 2.4 million Americans who are seriously delinquent on their mortgage payments, thanks to plummeting property values and lingering unemployment. And according to the Center for Responsible Lending, a nonprofit research and policy group, as many as 9 million homeowners could go into foreclosure in the next two years.
Luckily, the LaRochelles still own their double-wide mobile home in rural Georgia, which will keep a roof over their heads for the near future while Debbie takes care of her ailing parents full-time and David searches for a new job. But he says the loss of their former middle class life hasn't been easy.
"I'm living about as cheap as you can live," he said. "I was used to stopping at the grocery store and buying whatever I wanted to buy, walking into hardware stores or Home Depot and getting whatever I wanted to get. We're definitely not middle class anymore. There basically isn't a middle class here -- there's wealthy landowners that were raised with it, and the poor people who do everything. It's like going into a Third World country."
Despite his frustrations with Wells Fargo and the pain of losing his house and job, LaRochelle says he and his wife are just grateful to be getting by.
http://www.huffingtonpost.com/2010/07/12/disappearing-middle-class_n_643352.html