his is written by one of the Don't Get Married Members
I was on break at work today when a co-worker was watching a CNN report about foreclosures on houses with sub-prime mortgages. FYI, this was my last day at work there.
This guy was sort of the class clown at work. He also was a very lackadaisical worker in a job where his union will prevent him from getting fired unless he commits a major felony at work.
He looked at the screen, suddenly became serious, and said, "That's me in six months."
This guy makes perhaps $20 an hour, or no more than about $40,000 a year for a maximum base salary. With limited prospects for overtime, he might get $45,000 at the very best. He probably is making somewhere in the $30,000+ a year range.
As he talked, I learned the following:
He's got an ex-wife and kids.
His second wife makes about $24,000 a year.
He's over $10,000 in arrears with his child support and back taxes. His first wife promised she wouldn't seek child support. Guess what? More than a year later she did. I assume that he got no legal credit for any money he paid to support the kids before the official paperwork went through. The usual legal BS is that any money given to his ex before then is a "gift", and any child support is retroactive, back-dated, and has interest and penalties added onto it.
His wife included his income when they applied for a sub-prime loan for their house. Nobody checked things too closely for legal arrears, etc. because they wanted fees and commissions for floating the loan.
The rules for lending have been tightened, so he effectively can't include his income if he wants to re-finance the loan. The negative effect of the arrears would just about cancel out the positive effect of adding his income, so it would count for next to nothing for purposes of obtaining a better mortgage at a lower rate.
He and his wife are getting lots of calls (over three per day) from shady characters who claim that they can help him with new credit.
His wife has been allowing them to run checks on their credit, which further lowers their credit score. He's asked her to stop, but it's almost irrelevant by now. The damage is done.
Now I know why he doesn't care too much about the job. He's in so deep that he's going to lose his house soon, and still owe debts that he will never be able to discharge or repay. He's effectively a slave, and he has the work ethic you might expect from a slave. He does the absolute minimum when the supervisors are in sight and less than that when they are out of sight.
I'm glad my temporary job ended today. It would be sad yet infuriating to watch as this guy loses his house this summer.
I am infinitely grateful that I have figured out most of the tricks that women play on innocent men and am not in the same boat as this poor devil.
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