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On the menu of choices facing borrowers like O'Meally, none is very pleasant. But give her credit for trying to find a solution. Like many of life's problems, this one won't go away on its own.

Daniel McGinn is a national correspondent at NEWSWEEK and the author of "House Lust: America's Obsession With Our Homes," to be published by Doubleday this winter. To preorder it, click here .

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  • Posted By: noranrad @ 03/14/2009 12:43:19 AM

    Redumber is on acid .never in my life have I heard such nonsense.This seems to be more complex than Redumber can explain in his rambling thoughts.This is moron #1

  • Posted By: seanasheppard @ 01/13/2009 6:08:48 PM

    Loan modification accomplishes the same objectives as a refinance without going through the painstaking approval process. I too live in AZ and used a group in Tempe called US Loan Modification. They saved my home, they may be able to ehlp you. Call 800-437-2185 or go to www.us-loan-modification.com to learn more.

  • Posted By: hileng777 @ 10/10/2008 10:31:15 AM

    Is loan modification the same as refinance. If you live in Arizona and you do a loan modification or do short sale and if the house is a purchase money mortgage, do you lose the anti deficiency judgment in Arizona if you do short sale or do loan modification?

    Thanks, Faith

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The collapse of the housing market is this year's big business story, but it's a crisis driven by more than simple economics. Like the dot-com boom before it, our soaring home values were fueled partly by psychology, as so many of us dreamed of trading up, building from scratch or renovating—and as so many dinner parties devolved into real estate gossip. In "HOUSE LUST: America's Obsession with our Homes," NEWSWEEK's Resident Expert Daniel McGinn explores why so many Americans became so enamored with homes—and why many remain so even after the boom has faded. To find out more about HOUSE LUST, click here.

 
 
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