If you have gone through foreclosure ,what is your socio/ economic/ race/education level?

The two previous answers are both correct.

Foreclosures happen to everyone, from the college grads from the white suburbs making $150,000 per year to the struggling single mom who only graduated high school.

Lots of folks took the ARM option on their mortgages and wound up getting pinched by bad decisions or overspending and can't meet obligations.

Many people saw the opportunity to get a house with the presence of negative interest rates, this imply giving money in real term to all those to get a credit. This massive giving of credit reach the point where high risk solicitude where approved, generally poor and uneducated people....

But we could find the case where a class media family asked a credit for a luxury house; the solicitude was approved by the reasons explained and keep the high risk of it.

Easy credit could create distortions in economy and people begins to demand things that can not pay, the economy get irrational because it get lost the concept of shortage

I think it is happening to a lot of people. But it is placed in two categories:

1. Poor & Middle-Class ( in terms of getting money) with very little equity who caught caught with non-fixed interest loans and were penalized heavy due to the rise in the rates and/or payment penalties.

2. Middle & higher who misdirected their spending so much that when the economy tightened they had no overhead/savings to fix their budget. Refinanced with some sort of equity and had soon lost that too.

Probably a thousand more reasons than the last two; I am going by what happened to some people in my town. About race; its hard to change it when your house forecloses. Education probably the same.

You may have to reword your question.

You're exactly right. I think every case is different. In my case, my ex husband (husband at the time) loaded all this debt on me and left, of course I couldnt handle it all on my own so I lost EVERYTHING!! I was not poor and uneducated, just stupid enough to let a man get me in that situation. Before I met him I owned my own home and had been paying on it for 8 years with no problem. He talked me into selling and buying something way over my head, of course he was supposed to pay for it. Now I live in a tiny apt., live and learn, but much happier without him!!!! : )