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LaFAYETTE, Ga. – The threat came through the mail, a letter that changed Perry Lamb’s life.
A lawyer for the mortgage firm was coming, after months of waiting for money. Other companies wanted their payments, too. Lamb was overextended, he says now, and unlucky – he had pursued his dream at the wrong time.
It was spring 2009, about a year after the recession hit and three years after Lamb bought a couple of acres on Bradley Avenue in LaFayette, hoping to build a house. He had taken out a construction loan, and then the lender got stingy with money, he said. And then he took out some lines of credit. And then he fell behind on payments, and then more payments.
And then he was $230,000 in debt. And the mortgage firm threatened foreclosure. Lamb filed for Chapter 13 protection.