(this is my house)
So many of us are treading water with our heads about to go under, yet we persevere. With heads barely afloat, we are just making it. But although I am one of the lucky...so far...it has cost many Americans their homes, their cars, their savings and retirement, some their families. That is a high price tag for the US Economy. So where is their bail-out. The government is working hard to bail out numerous banks that made poor financial decisions at the cost of many American families, one of them could have easily been my family. So what about all the Americans seeking recovery. What about all of the Americans that despite the bail out are going to lose everything anyway.
I get it, we need a plan, we need government intervention. But if those CEO's of those failing banks make out with fat pockets, I am going to be livid. It's just not fair.
But damn-it... make it work. If anything George Bush, go out of office making something work for once!!!!!
I work in the mortgage industry. We get so many calls from families about to lose their homes, begging for help. We can't help. The best advice I can give them, sell and fast. Some are so far in the hole we refer them to a lawyer that can help file bankruptcy, this way the bank can't foreclose and they will have to short sell. Some might even get a re-evaluation of their loans.
These bad banks tell borrowers to pay all this money upfront to get caught up and then they will re-work the loan on more favorable terms. IT'S A LIE. They get the money, all that you have, and then tell you you don't qualify. So now it's impossible for you to even start over. You just depleted your 401k to save your home.
I love my home. I know now that I overpaid for it. I know that the house I sold to get my the home I am in now, is probably 100k under value now and the people I sold to are screwed. But I find myself in the same boat. But it's my home, I am not walking away from it. I will work at McDonald's to try to save it if I have to. It's not an ATM that I can pull cash out of when I am low or want a new car. It's not any less valued b/c it's not worth as much, I love my yard, I love my neighborhood and I love my house. Then I think of the millions of Americans just like me that were willing to do something to save their homes.
Millions, just like me.
The government better do something now. We are headed for a major downfall. It's costing America more than money. Don't they see that?