response to Miami Herald article

I read this like many other articles about the foreclosures going on and I could not resist any longer...Miami Herald Article:
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I am one of these described people in the foreclosure "market", and yes we will soon become a strong market, everyone wants to capitalize.

We are a dual income family, we earn a good wage and qualified for a loan within our means. The rates in late 2006 were still favorable so we bought into a home in Homestead where we could get more home or better yet an affordable home versus Miami. Our lender and builder were one in the same (DR Horton and DHI Mtg). We were shooting for a conventional or even better a VA loan, but ended up with conventional or so we thought. At the last minute the broker told us he was able to work out a better deal and our payments were going to be lower. That turned out to be an interest only loan, for 15 years, I found this out when I contacted Countrywide (they bought the loan) to find out why they were not excrowing for taxes.

To make this short, we got a loan we did not want, a house delivered 6 months late although it was a "quick move in" inventory home, tax bills instead of escrowed taxes, no pool yet, no rec center, paved streets just this past week, street lights half of which don't work, THE WORST association Castle Management (the builder has control of it still since they have not made the necessary sales), terrible landscaping, terrible cable and internet service.

Now to top it off, the builder is now selling the same house they sold us for 377K and 40K in upgrades for starting prices of 260K. I have now lost 117k of the base price into negative equity, still have no rec center or pool overdue since Sept 2007.

This is what is happening to people with good credit, good incomes, good savings and families to take care of. I have just walked away and will soon expect to start getting foreclosure letters. I know I can stay in the house for free until then but before I have bad credit I have already rented a GREAT house in a high end of Miami for almost 1000 dollars less.

What a terrible situation this has become...

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Now I posted this on the herald because I just got very fired up reading about this but to top it off, I had spoken with Countrywide and asked what can be done and they let me speak with 6 people in 4 departments and the answer was consistently..."there's nothing we can do". The last gent I spoke with was some Broker Manager and he basically explained, they just manage some Wall Street investors' money and therefore cannot do anything with my loan. To top it off he blatantly suggested I simply default, otherwise, I will continue to lose money every month.

Now what is going to happen in the next 7-10 years, as people default and more homes empty out, there will be less capable buyers to buy those homes. Will we start to see Ghost Towns? Or maybe Ghost Developments? I mean in the next seven years I can continue to make the same income, but I can no longer buy anything because of my now scarred credit but I am not alone so WHO is the next buyer???

Also, what will happen to military or federal employees and contractors, will the government revise the rules of "fiduciary responsibility" or will many people lose their jobs and clearances?

What is coming is far worse than the situation we are in. I don't care what party your affiliated to, I would hate to take over this economy.