He had gone to Foreclosure and lost his home.
You lost your house to Foreclosure, which means you need the money.
Ten states accounted for 74% of the Foreclosure filings during 2008; the top two(California and Florida) represented 41.
and October 2008, 936,439 US residences completed Foreclosure.
August 2008, 9.2% of all mortgages outstanding were either delinquent or in Foreclosure.
During 2007, lenders had begun Foreclosure proceedings on nearly 1.3 million properties,
more homeowners were at risk of default or Foreclosure.
At roughly U.S. $50,000 per Foreclosure according to a 2006 study by the Chicago Federal Reserve Bank,
Freddie Mac established moratoriums(delays) on Foreclosures, to give homeowners time to work towards refinancing.