National foreclosure rates are up nearly 60% from this time last year. Nevada, Florida and California have been hardest hit. In California alone, there were more than 57,000 foreclosures.
Shawn Howell lives in Kentucky. Just before he went to Iraq, he and his wife felt ready to buy a bigger house for their family. Then Shawn came home and his adjustable rate mortgage got 'adjusted'. Even with Shawn working two jobs and his wife running a home business, they simply couldn't make the payments. They also couldn't sell the house.
They weren't surprised when the foreclosure notice arrived. Now they're living in a small mobile home. Shawn talks with Dick about the experience and his plans for the future.
Americans are burying themselves in debt--and that makes big business for debt collectors. Hank Babb has worked the job for 24 years, and has plenty of stories about how he gets all kind of people to pay up.