Tag Archives: mortgage crisis

Leah the Librarian vs The Mortgage Crisis

Hello fair readers!

Anyone who has been following my Twitter or my Facebook has probably picked up on the fact that I recently moved in an apartment, approximately 3 months ago, that I now have to move out of again.

I’m sure everyone has heard of the mortgage crisis by now, unless you are hiding under a rock without NPR or even Fox News.  And if you are still struggling with the concept of what the hell is going on, I highly recommend listening to the show on This American Life explaining it: The Giant Pool of Money

I didn’t entirely understand what was going on before listening to it.  I just kind of thought a bunch of people who didn’t understand mortgages were able to get their hands on one and then didn’t make payments.

Not really the case.

So, what a lot of people don’t know about the mortgage crisis is there are a vast number of rentals that are going into foreclosure.

I have heard numbers as high as 50% of the foreclosures in the Chicago area are rentals….

Guess who’s new apartment building fell into the throws of the mortgage crisis?

Yep.  Lucky ol’ me.

Great timing too.  What with the just beginning my career phase of my life.  And adjusting to full-time work thing.  And the whole seriously hating commuting thing.  Yeah.  Just throw in a little last minute move.  I don’t mind.  Seriously.


Thankfully I wasn’t immediately thrown onto the streets, which I have heard is the problem in some areas.  But still, I was delivered a 30-day notice to vacate thing or told that my apartment’s rent will be raised by $400 a month starting on March 1st.


And I’m pretty sure I could fight this.  With oodles of money and an attorney.  But is this apartment worth fighting for?

Hell no.

So when it comes to Leah the Librarian vs the mortgage crisis, what is my tactic you might ask?

Find a way cuter apartment that has financially secure ownership, long term tenants, built-in bookshelves, and a fenced in back yard.

Now I just have ridiculous amounts of packing to do.

Have a lovely week fair readers!  And check up on your landlords finances before signing leases!!