I am one of those homeowners bush won't bail out

[The Straight Story]

Oh, I could probably bail out myself now - after moving, trying to get my house sold, and getting laid off of two jobs in one month.

With my wife's ill health I chose to move to another state, and rent from my in-laws. I just wanted to sell my house, and pay for it while I tried. With the market hitting bottom it would cost me to sell it, houses in my area are selling for about 10k under value. IF it sold at all. If I sell it now, I would have to come up with 10K I don't have to close. At least that much.

As I mentioned, I moved for health reasons and was planning on working 2 jobs to pay the mortgage and the rent. I had 2 jobs, was working on getting a third one. Then, in 2 weeks I got laid off of both.

I cashed out my meager 401k and Pension, and with that and unemployment I should be ok - but I will lose the house I had owned.

*I* don't blame bush or anyone directly for my position - I took a risk for family, and I was willing to bust ass (and I was) to make it all ok. I counted on my jobs to be there for me, but they fell through. Now money I would have spent to pay for the house back east, will go to medical bills for the wife and daughter, and lord forbid I fall ill (and I have bad back and neck issues, with no meds).

My wife tried to make a neurology appt the other day - one we can swing maybe, the other does not take cash, only insurance. WTF??? And they cannot see her for 2-3 months.

I will lose that house, and I am ok with that I suppose. I did not want it to be like that, I wanted to pay my debt. But when it comes to paying a mortgage or paying for meds, food, and dr appointments - well, my wife's health wins that battle hands down.

And if I am lucky, I will be able to pay all the bills as well for the next 6-8 months, while sitting at home and caring for an ill wife.

I have worked hard since I was 17, only unemployed for 1.5 years while I was injured, and screwed over by Ohio's worker's comp (a suit I finally won in court) - and I am 41 now. I have excelled at every job I ever worked, and hold company records at 3 companies I worked for - for production (manufacturing).

I have been a cop, worked in security, 12 years as a systems engineer, and several years as the top rated manager for the 2nd largest bank - managing data centers that did billions a day in transactions.

Time after Time I have been screwed over by employers, and still did my best. And those same employers will be bailed out. Me? I am on my own.

My credit will suffer - which means my insurance rates will be higher, costing me more. I will be the one paying more and more in taxes for a criminal war. It will be people like me who bail out this government, by paying them more (as I did when I cashed out my 401k and gave them a ton of money).

They rely on me to pay for their problems and issues, but when I need them...well, I am told to just buckle down and do better, try harder.

My problems are of my making, and their problems...well they are of their making and I am the one they count on to bail them out.

I bailed out the S@L crises with my money, I paid for a war with my money, I bailed out many corporations with my money.

And I am told...screw you?

You counted on me in your time of need. And still do. Our corporations are counting on me now, and getting my money to bail em out.

And yet I am made to feel guilty when I count on you????

Fuck you.

[enid602]

1. right thing

You know you're doing the right thing, protecting your family. Don't worry about the things you can't change at this point.

[acmavm]

2. I had a series of strokes and no insurance. I'm constantly teetering on the

edge. I can relate. I am so sorry.

[demnan]

3. I am so sorry

I empathize with you, because every day I know the same could happen to me. If I lost my job, I couldn't make my mortgage payment on the condo. Fuck these corporate swindlers!

[Purveyor]

4. If you can bring a buyer to the table with an offer to buy that is 10k less than you owe

chances are good in this current market and conditions that your mortgage holder will do a 'short sale' and accept the offered purchase price as 'paid in full'.

A 'short-sale' is not without its down side, i.e. credit score, etc. however, the sooner you get off the credit industries 'ball and chains' the sooner you will actually have money to enjoy life.

So your insurance rate may go up with a bad credit rating but will it go up to any amount that matches that bastard interest rates the credit card companies are charging you now?

If I were you, I'd stop paying for anything that didn't provide for a roof over my head, food on the table and of course healthcare for your ailing wife.

I wish the best for you and yours. Godspeed.

BTW...google 'short sale' for more info on this process. I think many mortgage note holders would be pleased in these times to only take a 10k hit.

[The Straight Story]

5. Already looked into short sale

And am hoping I can get out with that.

I worked for the mortgage end of Chase for years, and if all goes well I can short sell the house.

But I wanted to thank you for your input, and it is something I hope others are looking into as well.

[girl gone mad]

8. Be careful, though..

the IRS considers the write off to be a short-term capital gain and will tax you accordingly.

[UpInArms]

6. I just want to say

that you are going to be okay -

The Straight Story - I am 10 years ahead of you and was a casualty in RayGun's economic story in 1982 when Penn Square Bank failed.

25 years later, we live it again.

:hug:

[glitch]

15. It happens whenever there's a Bush in Washington. There's a giant sucking sound as $$ is hoovered up

to the already super wealthy. The appearance of a Bush on the scene always signals it's time for another raid on us citizens.
I wonder if we'll learn the lesson this time. Probably not.

[msongs]

7. you could rent out your house to tenants and generate income that way nt

[The Straight Story]

9. Looked into that already

Was cheaper for most folks to rent condos, not to mention my liability as a land lord to fix things - which I don't have the money to do.

Being 2000 miles away makes it harder.

I also offered family to live there, at half the rate I was paying, no takers so far. My brother worked 14 years with a company as a supervisor and he got canned (scape goated) and would love to live there, but he is working a crap job now and his wife is disabled. She can not manage the stairs.

This is the house my mom helped me to buy, next door to her, shortly before she died (4 months). I could hang onto it, but would take most of what I have saved, and then in a few months it would be back in the same position it is now.

I am stuck between living the life I have now and paying for that house. I was more than willing to do both, but two layoffs in a month killed that.

I am not looking for a handout, I am looking to have someone work with me - much like the markets are looking for the feds to work with them.

[awoke_in_2003]

10. Sorry to hear this

it would kill me to lose my house. Unfortunately, most of America, me included, are one or two paychecks away from ruin.

[blues90]

11. Didn't you just move to calif ?

I have been where you are now , all except the house . I have been battling the job situation for almost 2 years maybe more , i lose track .

I always worked hard since I was 17 and finally got to a position where I made more money as a manager . I lost that job becuase of some new general manager bringing in his own friends , found another job longer hours and less pay and was laid off . I used my 401K and un-employmet to survive after losing the first job and sold most of what I owned until the second job which was 11 months later . When I was laid off there I sold more stuff and now really have nothing but I could care less about material things .

Now I can't find a job and live off small projects and alot of trying and dying . I even drove my car paid my gas for a night time messenger service and made next to nothing after all was sadi and done , even did call center work for fund raising , again you make nothing . I am 58 and sit here ready to just give up . I can tell you calif sucks .

[The Straight Story]

14. I have oppurtunity here

But that is tempered by taking care of my wife.

I was promised two jobs to work from home, I took that. One with a company I devoted years to and ended up screwing me over, another from a company that once I got here demanded I be on site each day - and so I was. Even before I got here told them I needed to work from home, and they were fine with that. When I got here they needed me in the office each day.

I accomodated both companies and worked hard for em both, but worked myself out of jobs because I got the work done ahead of time (sometimes, two months ahead of schedule).

Now I am at a crossroads - go to work for some crap company or take the unemployment and take care of my wife. I can get a high paying job - in LA, 2 hours from here. Other then that, not much here where I am. So we have talked about moving - again - but what guarantee do I have that moving will net me anything at this time? I moved here based on what I was told, and took the job (and was told I could work for another company and that never panned out) . I invested in that and got screwed. I DID work for them, but in the end got laid off.

Now I have a place where I know the in-laws won't kick me out, and I can get unemployment, and I can live OK without working. Do I trade that for a job where I could be canned in a month and move, or do I stay here and sweat it out while losing my house back east?

I did what I should have, for my creditors and myself, and was willing to bust ass in 3 jobs. I got fucked over by three companies, all 3 of which will probably get govt funds to stay in business while I will get zip.

[DemReadingDU]

18. Isn't unemployment temporary? 6 months?

What happens after it runs out? Can you get an extension?

So difficult an emotional time for you. I worry about the future when spouse and I could be in the same boat.

[truedelphi]

12. This is now the American dream

one out of five middle class families can expect to have some crisis arise which will affect their home ownership and other resources will be stripped to the nub.

This insanity is now the new American Way.

Best of my wishes to you.

Carol

[emmadoggy]

13. All I can offer is...

:hug:

I hope you can find a solution soon and things start to improve for you. Hang in there.

[1776Forever]

16. Awesome Brother! You are not alone - God help us - the middle class is going down in flames!!!!!!!!

Straight Story - Your comments were profound!

----------------------------------------------------------------------------

I bailed out the S@L crises with my money, I paid for a war with my money, I bailed out many corporations with my money.

And I am told...screw you?

You counted on me in your time of need. And still do. Our corporations are counting on me now, and getting my money to bail em out.

And yet I am made to feel guilty when I count on you????

----------------------------------------------------------------------------

Here is what is happening in our area in Florida:

http://www.floridatoday.com/apps/pbcs.dll/article?AID=/20070720/NEWS01/707200341

Families swell homeless ranks

Living paycheck to paycheck, adults with children fall further behind

BY REBECCA ADAMUS
FLORIDA TODAY

While the county's overall homeless population increased 14 percent this year to 1,899 people, the number of homeless families surged to 166 this year, compared to 19 last year. The number includes families without shelter and those with an immediate risk of losing their dwelling, such as through eviction or foreclosure.

------------------------------------------------------------------------------

And 1 Trillion has been spent in Iraq - And war profiteers making billions. Do they know in Washington how desperate it is getting out here???????? The Stock Market is feeling it! Maybe when it hits their pocketbooks they will do something!!!!!!!!

[JNelson6563]

17. This reads like a certain book

Ever read Upton Sinclair's The Jungle. You sound like Jurgis. Worked hard, did very good work and got screwed at every turn.

Seems to me things are much as they were 100+ years ago. The oligarchs are still in charge as they always ever have been.

Julie

[Phoebe Loosinhouse]

19. TSS - this is my plan for you

If I were in exactly your circumstances I would:

figure out fair rental value for the house

Everything below this is an example -

Let's say you have a 3 bed 2 bath house with a fair rental value of $1000.00

I would first try to find a friend or family member who would like to rent 1/3 of my house for 1/3 of the value. I would appoint that person House Manager and would sign a lease with them. I would allow them to rent the other 2 bedrooms and bathroom at their discretion and would allow them to keep anything over the $1000.00 rental value. If they fall below my $1000.00 total rent, they would be liable for the difference. If they rent the other rooms for more, they could keep the difference. This would be a good deal for them and it would be a good deal for you. Of course, you have to have exactly the right person in place as your House Manager so you don't have someone turning your home into a meth lab or brothel.

I would make sure that they always keep me apprised as to who exactly is leasing in the house at any given time. Failure to do this would void the contract. I would also make sure I had the correct insurance coverage as a landlord. I would also put in the lease that just one police response to this address for tenant noise, disruption, etc., would void all leases therein.

If your house needs maintenance - I would put this right in the lease that tenants could earn "sweat rent" by making repairs. They would have to submit a job in advance for your approval and you would only pay when the job is complete.

Just an idea.

There is almost always an answer to most situation. I think everyone benefits here.

[MilesColtrane]

20. Sorry to hear about your misfortune.

There's going to be bail out legislation at some point, but I'm afraid that most of the money will go to the sub prime mortgage companies.

Any potential bill will probably be named something like "The American Family Housing Assistance Act", and there will be a few bones thrown to the average joe, but it's real purpose will be to prop up the lenders who are facing extinction due to foreclosures.

The reason? Those companies are financed by the large institutions like Citigroup, the very companies who give thousands in PAC money to Congress.
Every time a sub prime lender goes out of business one of the big corps loses money.

Bush's America is like a shit sandwich. Those with the least amount of bread have to eat the most shit.

[kineneb]

21. hang in there, been there, am there

we didn't lose the house, but had to go through Ch. 7 bankruptcy. Hubby is now on dialysis, but we went through hell before he was "officially" disabled. It is a sad truth that if you lose your health in Modern America, you will go broke.

Have you looked into getting SSDI for your wife and/or daughter? If they have something chronic, then they should be getting assistance. They might qualify for Medicaid, as well. Do not feel bad about applying, you paid into the system, your family should get something back. Since you are in CA, find out if your county offers CMSP, a program for medically indigent adults; if you have no/low income or assets, you can qualify. PM me if you like, I have been through this all w/Hubby.

[Maat]

22. My thoughts and prayers are with you and your family, Straight Story.

Please focus upon taking care of your wife AND yourself. The rest will sort itself out later.

We at DU care.

Yes, what is going on in the USA is SO crazy. I live in an upper-middle-class neighborhood in California (1-1/2 north of San Diego - inland). Our houses were in the $725,000 range. In the past few months, every other house on my block has gone up for sale - I can tell that each family is losing the house. The lawn/frontyards are dying.

There are no renters to be found. So sad.

Hugs to you.



:grouphug:

[ninkasi]

23. This is so very, very wrong

I wish I could say something to console you, but there are no words that would make your situation better. I keep screaming "WHY?" to an uncaring universe that never answers.

Today, America's priorities are so very screwed up, and I feel so much rage. If you were a corporation, I'm sure aid would be available. In your case, though, all Bushco wants is for you to pay tax dollars, which will be spent taking care of the wealthy.

None of us should have to work ourselves into poverty, and ill health. This is why I get so angry at the Republic party. We are supposed to somehow, magically, pull ourselves up by our non-existent boot straps, as we can't afford boots anyway.

Our obsession with unfettered capitalism is destroying us. Free trade, Nafta, all of those things are grinding us into the dust. I only wish I could help. I'm sorry I can't.

[sandnsea]

24. dude, it's all just a game!!

Or so I was told yesterday. :eyes:

One foreclosed house is not the end of the world. You and your family are much much more important.