Wow. I. Had. No. Idea.
About 80.000 households in The Netherlands are more than 3 months behind on their mortgage payments. There are roughly about 7,5 million households in The Netherlands. That’s more than 1%. Shocking!
In extreme cases people commit suicide because they can’t cover their mortgage expenses anymore. I do think banks are to blame. They lent people ridiculously high mortgages while their incomes didn’t match that amount. The whole Dutch situation is so sad. The housing bubble which the banks helped create burst and guess who’s paying the price double?
On the other hand, there are many spendypants out there who just bought everything they “needed” and now realize that they have overspent and will risk losing it all. I do not feel sorry for those people.
Jeez, just the thought of losing your house. The bank knocking on your door and putting your house up for foreclosure. Making extra mortgage payments would be like talking gibberish to them. They can’t even afford the principal.
Again, never take out a mortgage that requires two full-time salaries. Never. Ever. That’s one lesson I’ll teach the kid.