Like many in our country, we are in a financial bind. I am making less than half of what I made a year ago, but I am so blessed to have a job. I lost my job in the banking industry last December and was unemployed for 3 months in early 2009. Though a complex set of "wrong place, wrong time" circumstances, we lost our entire investment portfolio when the market crashed in late 2008. So here we sit, 3 houses and payments and my renter is moving out this month, making my cash flow even worse. Given the real estate crash, we can't sell any of the houses, so what do you do?
I am not a pro-default kind of guy. However, it looks to me like the government has done this to us. All reports that I read trace the evolution of this crisis to subprime mortgage loans that were initiated and supported by Federal government policies designed to fulfill the "American right to home ownership". Those loans defaulted, causing mortgage bond defaults, causing the big banks to lose money and require TARP and bailouts. So now, the banks are fine, but you and I are in a bind. Why didn't average Americans get a bailout? Why didn't the government pay everyone's mortgage down based on the depression in real estate THAT THE GOVERNMENT CAUSED! I know, we are all responsible for our own situation. But come on! We have paid these investment bankers millions, and we are all still struggling and faced with losing our homes and investments.
I have requested mortgage modifications for 2 of my mortgagors. However, after 30 days, I have not heard a word from them. My homes have lost so much value that I doubt they will ever come back in value enough to sell and make a profit or even break even. What do we do? I have some thoughts and if enough Americans made the moves I am thinking about, we could probably make the Federal government take notice of us little guys and help us out. After all, they caused this, didn't they?
Post and let's talk about it.....
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