What my Grandfather Did in the Great Depression . . . and How It Saved his House!
This is a photo I have in my heirlooms. It's a photo taken before my Mother was born, when my Grandpa was "courting" my Grandma.
I guess they "courted" in wheelbarrows in those days . . .
My Great-Grandmother sits on her front porch, and the two "kids" are having fun. I think my Great-Grandfather snapped the photo.
My Grandpa was born in 1888. Not sure about Grandma, I didn't know her, she passed away when my Mother was only 11-years old.
My Grandfather married my Grandmother and they bought a house, in Massachusetts, on Surrey Road, in Arlington. I remember, for some reason.
The GREAT DEPRESSION hit when my Mother was about 2 or 3. My Grandfather was about 42 or 43 at that time . . . and had saved and saved to buy a home. But, when my Grandfather became unemployed, everything that he had ever worked for . . . was about to be lost. A proud, hardworking man, he had to muster the strength and do the only thing he could do. He had to go into the bank and tell them he was going to be unable to pay on the mortgage. He was out of work, and his savings was being depleted rapidly. No social security benefits, no unemployment compensation, no welfare, no food stamps -- they hadn't been "invented" yet.
My Grandfather told me it was hard for him to do. He was a proud man, and this wasn't his proudest moments. The GREAT DEPRESSION hit hard, work was very tough to find. He had to go in and tell them . . . he was not going to be able to pay the mortgage for awhile. He knew what that meant. He knew what his obligations were, and not paying on your mortgage meant one thing: FORECLOSURE.
The Bank Manager told my Grandfather that because my Grandfather had always paid on time, and he knew my Grandfather, he understood. He told my Grandfather that they WOULD NOT FORECLOSURE, and they worked out payments, etc. until the time my Grandfather was financially able. My Grandfather was fortunate.
It was just the two of them . . . my Grandfather and the Bank Manager. They worked it out.
No Government, No Asset Managers, No MERS, No Barney Franks, No "Servicers"
My Grandfather was a Civil Engineer. He was skilled, and a brilliant draftsmen. However, in order to support his family he took a job, in Vermont. He worked on a dairy farm for awhile.
[This post was inspired by a comment by Tammy Lankford]