"Mr. Doyle, 52, is now worried that he will have to file for bankruptcy, because he cannot afford to make the higher variable payments on his mortgage, and he cannot sell his home for more than his $740,000 mortgage.Okay take a look at his words---he took a gamble....he knew what was coming and he took the chance that he was going to be able to sell the property before the higher rates came due but by the sounds of it he didn't make a plan for what to do if it didn't sell right away.
“The whole plan was to get out” before his rate reset, he said. “Now I am caught. I can’t sell my house."
Its not because he lost a job....its not because of unexpected medical bills.....its not because of anything other than the fact that he lost his gamble!
I could have more sympathy if it were one of these reasons, but its not....plain and simple---he knew what was coming and his gamble didn't pay off.
Got to go.