Worried in Salt Lake

[bullet888]

I'll try to be brief. I own a house in West Jordan(suburb of Salt lake) and the payments are getting tough to make. All totalled(1st, 2nd & HOA fee), I pay $1600.00 a month. The bad thing is that we tried to get refinanced and the 2 places we went said our house has lost about $40,000. Not as bad as some people but we are stretched really thin. It is partially my fault as I left a $50,000 a year job. Just couldn't do 65+ hours a week anymore with very little support. I am employed now but I took a really good pay cut. I am really confused in what to do/how to proceed. We can make the payments but it feels like a slow death. Any thoughts?

[dogatemy]

$40,000 underwater is not a huge amount but it could still takes years to recover. Are you considering walking away?

[bullet888]

Yes, kinda. I would like to get a modification of the loan if I could. I am not behind on the payments at all and have never not paid a loan off or been late. This is very frustrating. I love the house as do my wife and daughter but I could make money if I moved to an apartment. I did contact a company that specializes in short sales and they e-mailed me some forms. I talked to alot of my family and they are saying to wait and not make any rash decisions. Very confusing. There are 2 houses across from me that are on short sale and my neighbor says he is just walking away from his soon. I hate to have me and my wifes great credit ruined but at the same time I would like to have a little more each month.

[helpinNE]

Bullet,
I just wanted to warn you about paying up front fees to a 'short sale' OR 'loan modification' company.
IF you choose to list your property as a short sale, you should not have to pay any money up front for this. Contact a local realtor, make sure theyhave experience in short sales, the realtor will be paid a commission at the closing of the sale. This does not come out of your pocket.
It sounds like you are unsure which direction you wish to take. Spend some time reading on this form about how to get a loan modification. There is probably even a section dealing with your specific mortgage company. Ask *** or Moe questions about how to get started. You do NOT have to pay anyone for this, however, some people have resorted to hiring attorney's to deal with the banks on their behalf but there are many stories on this forum where people have been successful on their own. There are also several non-profit organizations, such as NCA (? on name); HUD and ACORN who will help you try to modify your loan. You can also find the contact information to these orgizations on this site.
If you choose to walk away, talk with a local Real Estate/Bankruptcy attorney so you know the possible legal consiquences of this. Some states like CA and AZ have laws in place that basicaly allow people to walk without in future recourse from the banks but not all have these laws so it is important to talk with an attorney that knows the laws of your state and can look over all the loan documents for you.
I agree with your family members who say not to make any rash decisions, read, read, read on this forum. Find out the laws in your state and talk with an attorney. I also believe that you should not put you and your family in the poor house trying to hang onto a house that is quickly losing value or is totally unaffordable for you.
Best of luck!

[dogatemy]

Originally Posted by bullet888

Yes, kinda. I would like to get a modification of the loan if I could. I am not behind on the payments at all and have never not paid a loan off or been late.

That's your problem. You have to think like a monster to understand how the banks operate. Basically they have received millions of dollars in 0% interest loans from the government to remain afloat. This has created a situation where the banks are under no obligation to help anyone because their poor behavior will have no consequences for their bottom line.

So.. the banks are looking at you and saying, "This guy has never been late and so chances are, statistically speaking, he never will be. Even if he is late then it will not matter because we're sitting on a huge pile of free cash!" Even if you do stop making payments then chances are you'll chicken out and start paying again within 90 days and they'll make a tidy profit on all the fees they are going to charge you.

My personal experience is the banks will not have any conversation with you until you are > 90 days late. Even after that.. well.. you need to have something to barter with. There was one guy recently in Michigan who received an offer to pay-off his $150,000 house for $40,000. If you don't have anything to offer then chances are you'll end up in foreclosure.

So.. what do you do? This is where you have to make a decision. Either you..

- keep making the payments and keep trying to work out a loan modification
- stop making the payments and keep trying to work out some kind of loan modification
- offer the bank a payoff of 40% if you have enough cash in savings
- buy another house, move in there and let your existing house go into foreclosure (read about "Buy & Bail" before making this decision)
- walk away and don't look back

I don't know if your loan is non-recourse which may also affect your decision.

Do you have any additional thoughts? We'll be happy to help where we can!

[bullet888]

You're pretty much dead on Dog. Me and my wife have talked and we are not going to make a snap decision on this. The shortsale company included a worksheet that you can write down all your monthly expenses. It's getting close to the end of the month and I am going to write down every penny that is going out. After that is done I will probably make a decision. Thanks for the advice and i'm sure i'll have more questions.

[bullet888]

Ok, I did the worksheet. It turns out that I have about $300 extra a month. That's not alot but I guess it better than losing $300. It still bugs me that I cannot get refinanced and try to save more money. My boss told me yesterday that he just bought a house and got 5% on his loan. My rate is 6.25%. I could save money if I could get a lower rate, especially over 1% lower than mine. Anyways, I guess we will be scraping by for the time being.

[bullet888]

Well, it's going to happen now. My wife just got demoted from her position and is taking a $5 an hour pay cut. I guess it's better than losing your job but the extra money we had at months end is now going to be gone. I have been in contact with the shortsale company and it's pretty much a done deal now. Will keep everyone posted.

[bullet888]

Goodbye house. Not only did my wife get demoted but I lost my job on Monday 9/28. Thank you Obama for fixing the economy. Called Wells Fargo(1st mortgage) and Citimortgage(2nd) and let them know what was going on. I am getting unemployment but I refuse to make the paymnts and not feed my family. I am also in contact with a realator I know since the short sale compny will not return my calls. Here comes the fun!

[Irish Gal]

Originally Posted by bullet888

Goodbye house. Not only did my wife get demoted but I lost my job on Monday 9/28. Thank you Obama for fixing the economy. Called Wells Fargo(1st mortgage) and Citimortgage(2nd) and let them know what was going on. I am getting unemployment but I refuse to make the paymnts and not feed my family. I am also in contact with a realator I know since the short sale compny will not return my calls. Here comes the fun!

Hey bullet888,

So sorry to hear of your job losses and situation. But, I applaud you for looking at everything realistically and realizing it's better to cut your losses now, and not spin in circles ad infinitum w/these dysfunctional banks re mod. By the way, love Utah. Gorgeous state! Hang in there. I think the worst part is making the decision to sell or walk. But, once made. The aura of financial freedom is sweet!

[dogatemy]

Originally Posted by bullet888

Thank you Obama for fixing the economy.

[pedestal]

Ummmm.. wait a second here.. Obama did not create this problem and I am tired of my fellow republicans dumping on him like this is somehow his fault. The economy crashed because we elected a bunch of anti-government, overly conservative republicans to the house, the senate and the executive branch. After that we failed to keep them honest by allowing them to keep their office when we knew they were corrupt. These same people rolled back more legislation in 10 years than the democrats managed to put in place over the previous 30. We screamed about how banks should be able to "regulate themselves" (in much the same way the healthcare industry has clearly been able to regulate itself). The same conservative republicans are now trying to destroy healthcare reform (which 80% of the american public supports) in an effort to further undermine a president who was elected with the greatest approval rating of any president in history.

As a registered republican I think you should assign blame squarely where it is deserved:

---> The American People <---

If you don't believe me then check your 401k account, your bank account statement, your car loan and your mortgage. If you bank with, paid interest too or own shares of..

Chase
Bank of Amrica
Citi
Wells Fargo
Washington Mutual
SunTrust
U.S. Bank

.. then pat yourself on the back (myself included) for funding the Great Correction of 2008. *We* are responsible for allowing this to happen and now it is time for us to make sure it does not happen again.

- Call your representatives and complain about the poor bankruptcy protections for American citizens (we should have our bailout if Wall Street gets theirs)
- Call your state representatives and complain about the lack of good anti-deficiency protections for people who occupy their homes (no pity for investors here)
- Stop taking loans from banks! Stick to credit unions.
- Move all your assets away from the largest banks (who have consistently used this money to fund expansions, predatory practices and buy government whores)
- If your representative is not doing his job to protect YOUR interest (votes against banking regulation, votes against cramdown provisions, votes against healthcare reform, votes against education funding) then vote against THEM.

[/pedestal]

[bullet888]

You're absolutely right, we are to blame. I bank at Chase. My 2 loans for the house are through Wells Fargo and Citi. I have never had a bankruptcy. I have never been late on a payment. My house loans are not the interest only loans that got alot of people in trouble. I put down the recommended % on my loans. We are to blame but some people are more to blame than others. Obama did not create this problem but as the leader of our country, like him or hate him, it is his responsibility. We are more worried about where the Olympics are going to be held than the financial state of our country. "Will not getting the Olympics hurt Obama?" Who the hell cares!! No offense Chicago but there are alot more pressing problems.
Yes we should get a bailout. Should I file bankruptcy? I'm not quite there yet.
My local representatives? I think all of them are corrupt. They are there for the job. For the paycheck. The first lobbyist that comes along and puts some cash under their nose is who they will jump into bed with. Banks, Mortgage companies, cigarette companies, Oil, etc.
I'm sure i'm going to get the "If you don't like it here, leave" comment. Guess what? I'm not going to leave. As much as I do not like it, this is better than most places on the Earth. So I will take my lumps as they come, try to keep my head above water and provide for my family to the best of my abilities.

[Irish Gal]

Originally Posted by bullet888

Thank you Obama for fixing the economy.

I see both of your points. I'm a lifelong progressive and I voted for Obama. I don't blame him for the current economy, but I do certainly blame him for the Goldman Sachs Treasury / Econ Team he put in place, that's doing nothing and plans to do nothing for Main St. IMO the reason the econ is not turning around as a whole is because his econ team is only concerned about saving Wall St. And, as we write, Wall St. is allegedly WORSE today w/ its casino derivatives gambling w/ our tax dollars, than it was a yr ago! There's even predictions of a worse econ collapse down the road than we've already had (because of Wall St. thugs who've had no consequences to date for tanking econ, so they continue to gamble on our dime). So, yes, he inherited a horrible econ, as well as, all the other crap handed to him (by Pubs who like to destroy gov't and then blame gov't for not being able to accomplish anything), but he can't hide behind the fact that he inherited the probs. The problem is he's continuing to allow Wall St. to rule the country and get over, on our dime. No change there. He refuses to put in place any substantial financial reform/regulations to stop Wall St. from the continuing rape and pillage. THAT's Obama's decision to date. Bush/Paulson started it. Obama could have stopped it. He didn't. His choice of Treasury/Econ team is abysmal. All the same Wall St./Goldman idiots, as usual. No change there. Because he's chosen to save Wall St. and not the real economy, there's no job creation. So, we keep spiraling down, down, down economically. The media love's him so there's no real journalism occurring. We get the "Olympics" stories instead. And, the real state of the econ and Middle America goes unreported. Only talk of green shoots. Over and over. Not tent cities and foods stamps now for Main St. So, I understand the criticism of his performance, esp. re economy to date. People are hurting. And, it's supposed to get worse. I hope he wakes up and starts listening to those who handed him his job instead of focusing on winning the popularity contest with those who will never like or support him, ever. I like the guy and even I'M sick of People Magazine stories on him. And, I'm on his side . So, I can imagine what his detractors think. If he doesn't wake up soon and start helping Main St. in substantive ways, I think he will lose many of those who gave him his job. I know I won't vote for him again.

[davephx]

Huh?

The Fed/Treasury did a great job in doing what they had to a year ago that prevented a far worse global collapse when even money market funds were at huge risk. They are the ones pushing for making HAMP work vs the servicers and the GSE's

Gee a tax cut for everyone under what about 250k, a stimulus program that is working as planned (how many teachers and police etc are now not layed off that would otherwise be), the infracture was never designed to come on line till 2010. Most Republicans against any stimulus and others think it was far too small to have enough effect soon.

I don't know exactly what reform you think Obama is against. Remember its Congress that makes laws not the Presdent. He is facing a do nothing block of Republicans on the good health care ideas to reduce your costs and give you guranteed coverage as most of the rest of the develped world has.

He has spoken out on trying to make Wall Street not reward high risk. That is the major issue right now that Wall Street is against. But much of the other proposals were really unneeded and just created a huge new govt agencies that just for the sake of more regulations most of which have nothing to do with what is needed on Wall Street which is mostly undue risk taking for potential huge profits but if you fail the consequences are too terrible for the entire financial system.

We learned that from Lehman and the crisis it caused. Without that long weekend of non stop meetings at the Fed and having to Act before the Asians market opened on that Monday we would have had a far worse global financial meltdown and it would have effected Main Street far worse than what is now going on.

Actually the economy is being slowing fixed with many indicators back up to year or so ago levels. Jobs sadly is always a lagging indicator and for the last six months everyone knew it would reach at least 10%. If we want to spend more billions to do more that is up to Congress but Obama had to fight and fight to get what stimulus and tax cuts we now have.

The attack just makes no factual sense to me. I have 30 years in the financial industry (Not banks or Wall Street) and come from an extensive CPA background. I look at facts not emotions.

I am so glad we have Obama and not McCain..or worse Palin.

Lets keep the focus on the real issue which is the servicers and now GSE's not following the well designed HAMP plan. That is the issue.

[CW California]

Originally Posted by Irish Gal

I see both of your points. I'm a lifelong progressive and I voted for Obama. I don't blame him for the current economy, but I do certainly blame him for the Goldman Sachs Treasury / Econ Team he put in place, that's doing nothing and plans to do nothing for Main St. IMO the reason the econ is not turning around as a whole is because his econ team is only concerned about saving Wall St. And, as we write, Wall St. is allegedly WORSE today w/ its casino derivatives gambling w/ our tax dollars, than it was a yr ago! There's even predictions of a worse econ collapse down the road than we've already had (because of Wall St. thugs who've had no consequences to date for tanking econ, so they continue to gamble on our dime). So, yes, he inherited a horrible econ, as well as, all the other crap handed to him (by Pubs who like to destroy gov't and then blame gov't for not being able to accomplish anything), but he can't hide behind the fact that he inherited the probs. The problem is he's continuing to allow Wall St. to rule the country and get over, on our dime. No change there. He refuses to put in place any substantial financial reform/regulations to stop Wall St. from the continuing rape and pillage. THAT's Obama's decision to date. Bush/Paulson started it. Obama could have stopped it. He didn't. His choice of Treasury/Econ team is abysmal. All the same Wall St./Goldman idiots, as usual. No change there. Because he's chosen to save Wall St. and not the real economy, there's no job creation. So, we keep spiraling down, down, down economically. The media love's him so there's no real journalism occurring. We get the "Olympics" stories instead. And, the real state of the econ and Middle America goes unreported. Only talk of green shoots. Over and over. Not tent cities and foods stamps now for Main St. So, I understand the criticism of his performance, esp. re economy to date. People are hurting. And, it's supposed to get worse. I hope he wakes up and starts listening to those who handed him his job instead of focusing on winning the popularity contest with those who will never like or support him, ever. I like the guy and even I'M sick of People Magazine stories on him. And, I'm on his side . So, I can imagine what his detractors think. If he doesn't wake up soon and start helping Main St. in substantive ways, I think he will lose many of those who gave him his job. I know I won't vote for him again.

I completely agree with you Irish but I can chime in an additional point. Where the frick have OUR representatives been? Even now there is no true legislation to help main street. For them it's about wall street too because that is where there $$ comes from. And I have to agree with the above poster, who the hell cares about the Olympics. All past Olympics have cost countries huge dollars, huge, huge losses. Of course, many people would stand to make money and so you have to ask yourself why the President was trying so hard during our current economic crisis to bring in a project that would cost the country yet more money? Is he that much of a egomaniac that he needs that feather in his hat at the expense of the country? I think not, so there has to be another reason. The area in Chicago where they proposed to build for the Olympics is a project slum type area. Many people would be displaced but guess who would make money selling this property? Valerie Garret, Obama's chief adviser, used to work for a company that is all tied up with the Tony Rescoe Chicago real estate stuff and that company owns that slum property. How much money was going to be made if they pulled this deal off? Also, Mrs. Obama is also involved with that whole thing which is why she went there first. There is a lot more going on than meets the eye on that whole deal. Sadly, I listened to the proposal speech and it was horribly done. I'm glad they didn't get it. Would have been just one more bail out for somebody else other than Main Street. Would have been a huge bail out for the Chicago real estate scumbags. Wonder how much money they gave to the Obama campaigne?

[Irish Gal]

Originally Posted by davephx

The attack just makes no factual sense to me. I have 30 years in the financial industry (Not banks or Wall Street) and come from an extensive CPA background. I look at facts not emotions.

It wasn't an "attack." Just opinion. Because you don't agree does not mean it equates with an "attack." And, I beg to differ that someone who has "30 yrs in the financial industry (Not banks or Wall Street)" and comes from "an extensive CPA background" and "ate pizza" on Wall St. somewhere allegedly as the meltdown occurred (per your other posts) makes someone more of an expert on this issue than anyone else who informs themselves also and who may happen to be in a non-financial field. . Anyone who is paying attention today is aware that we're in worse financial shape today than we were a yr ago and it's partly due to the econ policies put in place (or not put in place) by the new Admin and his Wall St. team of "geniuses" to date. Any non-Wall St. oriented economists and "experts" have been ignored by this Admin. Why? Esp. when this Admin. allegedly lives by the "team of rivals" style? I guess Wall St. doesn't like the "team of rivals" mode too well. Where's the jobs ? How is the economy recovering if there's astronomical unemployment and no job creation? And, getting worse monthly? Also, please refrain from telling others to "get on with this or that" when you disagree with something stated or where a thread goes. Although it may not be the intention, sounds arrogant. Also, the "facts not emotions" comment reminds me of "Men Are From Mars, Women Are From Venus" schtick. So 1992!

[Irish Gal]

Originally Posted by CW California

I completely agree with you Irish but I can chime in an additional point. Where the frick have OUR representatives been? Even now there is no true legislation to help main street. For them it's about wall street too because that is where there $$ comes from. And I have to agree with the above poster, who the hell cares about the Olympics. All past Olympics have cost countries huge dollars, huge, huge losses. Of course, many people would stand to make money and so you have to ask yourself why the President was trying so hard during our current economic crisis to bring in a project that would cost the country yet more money? Is he that much of a egomaniac that he needs that feather in his hat at the expense of the country? I think not, so there has to be another reason. The area in Chicago where they proposed to build for the Olympics is a project slum type area. Many people would be displaced but guess who would make money selling this property? Valerie Garret, Obama's chief adviser, used to work for a company that is all tied up with the Tony Rescoe Chicago real estate stuff and that company owns that slum property. How much money was going to be made if they pulled this deal off? Also, Mrs. Obama is also involved with that whole thing which is why she went there first. There is a lot more going on than meets the eye on that whole deal. Sadly, I listened to the proposal speech and it was horribly done. I'm glad they didn't get it. Would have been just one more bail out for somebody else other than Main Street. Would have been a huge bail out for the Chicago real estate scumbags. Wonder how much money they gave to the Obama campaigne?

I hear ya, CW. Nothing surprises me, really. What I'm disappointed in most is that this Admin is turning out to be nothing new, no change. Just more of the same. That's it. Not what I voted for . I'll get over it. But, won't be fooled next time.

[davephx]

No one expected the "only" what $750 billion of stimulus to turn around jobs only slow the loss - exactly what it has done.

The pace of job losses has slowed each quarter this year dispite montly flucuations from 691,000 in the first 3 months to 256,000 in the third quarter.

On target just as expected with that amount of stimulus doing what it was projected to do with the amount of money available. Only about 40% has been spent, just as it was designed. The bulk of the stimulas which is for infastructure comes in 2010.

The fast money saved many jobs went to schools, gave most working folks tax cuts, we got extended unemployment and many other fast money to ease Main Street as much as it could.

Yes there was "pork" included but even "pork" creates jobs and boosts the economy. And what to some is pork is to others essential projects like the bridge to nowhere in Alaska Palin originally supported until it became an political issues.

The stimulus plan has flaws could have been much bigger to work better but we also have the bit of a deficit problem. So politicians are sort of dammed if they do and dammed if they don't no matter what they do. Doing something was far more important that studying it for a year.

[davephx]

I prefer to discuss facts such as:

Consumer spending rose a bigger-than- expected 1.3%, the best gain since October 2001, when the country was recovering from the Sept 11 terrorist attacks. A third of the increase came from "cash for clunkers" but the rest of the increase was real. Cash for clunkers which was shut down early due to reaching its funding limit with masses of folks wanting to participate showing there is great consumer demand for bargains and willingness to spend.

Personal income continues to lag up only 0.2%, helped by an increase in the minimum wage law that took effect in July.

The gauge of manufacturing activity just reported by the Institute for Supply Management came in at 52.6 which still signals growth but was down slightly from August's reading of 52.9. Readings above 50 indicate growth vs contraction.

Construction spending rose including the biggest increase in housing activity in nearly 16 years. But spending for office buildings, hotels, shopping centers and government projects declined.

The pace of job losses has slowed each quarter this year despite monthly fluctuations from 691,000 in the first 3 months to 256,000 in the third quarter.

Personal savings rate is still positive after many years of being negative. The savings rate has slipped over the last 3 months, now at 3% but again it is positive. The slippage from the 5.9% in May may mean the 90% with jobs are starting to fell more like spending again.

Many economists (and the Fed) believe the economy is growing again after the longest recession since World War II. While growth will remain sluggish growth is better than the long declines we have had.

Every thing looks on tract for what one would expect in the early stages of one of the longest recessions in history. And with all the Federal stimulus, fiscal and monetary policy we avoided the Depression that was feared a year ago.

Many are still hurting badly with unemployment and the continued housing crisis despite government efforts to help troubled homeowners with the Home Affordability Programs. But due to problems with servicers and investors of mortgages it may fall short of if intended goals despite the good programs.

Some views on the Market
Stocks poised to Continue there winning ways
"Over the past couple of weeks, we've been going through the digestion phase of the July-to-September gains and now the market is looking for reasons to become optimistic again," said Sam Stovall, market strategist at Standard & Poor's.

...there have been only a few downward revisions to estimates from analysts... the trend [of revisions] is similar to what we saw in the second quarter," said John Butters, financials analyst at Thomson. "And in that quarter, we saw 73% of companies topping expectations, the largest percentage since the first quarter of 2004." And companies on average topped expectations by a huge 13.4%, helping the market continue its rally through the summer and into September.

"With the Dow falling in the past two weeks, the market has been discounting some possible disappointments in earnings, so that when they come out, we may see the rally resume," said Ken Tower, market strategist at Quantitative Analysis Service.

...Friday's mild reaction (to unemployment report) "is fairly positive," said S&P's Stovall. "The jobs report was plenty of reason for people to say 'here comes the correction'. But not getting that big sell-off shows, I think, that the street is expecting good earnings."

"I expect this earnings season to be like previous quarters, with companies beating expectations," Fitzpatrick said. "But now we do want to see more visibility and some improvements in [revenue], not just the bottom line."
Source: Marketwatch 10/3/09
--------
No reason to be spooked in October
10/1/09 LOS ANGELES (MarketWatch) -- While some might get spooked by an often-volatile October, signs are that the markets are in strong shape. Just the facts: My indicators are as bullish as they have been since March 2003, preceding a 26% upside surge in equity averages that year. Four out of five of our market indicators are bullish and one is neutral.

Very detailed article at No reason to be spooked by October this year - MarketWatch

[Irish Gal]

Keep eating the pizza, on Wall St. dave! I VOTED for the guy. I WANT him to succeed. But, you're puppeting the same ole, party line, schtick. And, seem to be of the defensive type that can't tolerate any criticism of Obama (or Wall St. ). Well, many who voted for him disagree, and believe he's not living up to the campaign schtick . The campaigning O looks very different from POTUS. Not a good thing, dave. Of COURSE he's better than McCain/Palin. But, voting AGAINST something is not the goal here. It's voting FOR something. I agree on where the Admin is (allegedly) trying to go, but not how its going about getting there. And, who's been put in charge of the (econmic) mission. All bums. Just my Venus opinion. Life, liberty and the pursuit of happiness. That's all Americans want. But we can't seem to have that, when Wall St.'s involved. Darn, it always gets in the way! Some (naively) thought Obama was going to do something about that. Hmmm. TBTFs are bigger today than they were last yr. Gambling's up, again. Big time. But, we're doing great. Just great. By the way, how come the CEOs didn't have to wait until 2010 for ANYTHING ? They got their bonuses right away and still get them right on time, now?

[davephx]

I just try and point out the documented facts not just opinions without data. Give me data as the CPA in me wants!

What exactly if you were President would you do differently, how much would it cost and how would you pay for it? It is much easier for us to complain than come up with a practical solution.

It seems he is getting done after many fights with Republicans as much as he can for the economy. It takes time to turn around the huge economy with so little money vs the problem. I just don't see what more he could do. I think he is doing exactly what we expected of a strong President.

And if he fails on health care it certainly won't be his fault for trying.

My only issue with him is perhaps he is too nice and stuck on trying to be bipartism. If the other side - you know the one that LOST - won't be bipartism he should give up and forget the "lets study it for a year" Republicans and get on the best he can with the public option etc. But he also is a smart realist so he is stuck between the preverbial rock and a hard place.

Fortunately he has also surrounded himself with some of the best advisers in the world although I am sure you may disagree. And my gosh his energy and intelligence. Total opposite from the third grade level mentality and speeches of Bush who also was strong for easy lending so especially minorities could enjoy the American Dream. But there is much more blame to go around with both parties for the lax underwriting not just Bush's push for it.

[bullet888]

Wow, perhaps I shouldn't have replied to Dog. I just let loose a storm of political unrest. On the lighter side of things, I played poker last night at a $10 buy in event and walked away with about $100. It felt good to not worry about the house for a change and even drink a few beers without hanging my head. I would say no word from the mortgage companies but I called them and told them what was going on. Good move/bad move? I guess we will see. I have never missed a payment or been late on any loans in my life and my conscience got the better of me and made me call.

[Irish Gal]

Originally Posted by bullet888

Wow, perhaps I shouldn't have replied to Dog. I just let loose a storm of political unrest.

No worries, bullet888. It's all good. These are stark times, and people feel the need, at times, to let loose . Debates are good, when done respectfully. Dave and I agree on the mission, just not on how to get there and with who. And, there's a faction of Dems who try to silence the progressives who criticize this Admin on anything. Oh well. Neither party represents the interests of Americans, really. I know you're not on the team, but I'm sure you can relate to the Pub divisions occurring in your Party, presently. The political unrest is brewing "out there." If something isn't done for Main St. soon (not just mortgages), the unrest will get worse and worse. Glad you had a good poker game!

[dogatemy]

Originally Posted by bullet888

Wow, perhaps I shouldn't have replied to Dog. I just let loose a storm of political unrest.

*pulls out a stick and pokes the hornet's nest*

I think the next topic of discussion should either be assisted suicide or abortion. Who wants to start?

bullet: Do you have any 401k savings to fall back on? If so then setup an account with ETrade and rollover the balance. They will allow you to make online transfers from your IRA to bank account without tax withholdings. If you have some savings then hopefully that will help wither the storm.

I am sorry to hear about the job loss especially when you need it most.

I'm planning to call all my representatives tomorrow and complain about the amount of unemployment payments. Everyone should call. Be polite and simply say...

I received my first unemployment check of $200. Does my representative honestly believe I can afford to pay my rent, utilities, health insurance and put food on the table within this budget? I paid all these taxes for the past 20 years so I could give billions to the banking lobby. When is my representative planning to introduce legislation that will provide funds necessary to pay my bills?

If you need to find your representative then click here:

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I'm not sure how anyone (in Arizona) can survive on $240 per week! Most apartments cost $700 including utilities and nobody I know can afford to feed their family on the remaining $300/month unless the diet consists exclusively of rice and beans. The cost of living in Arizona is pretty inexpensive so I can only imagine how someone from New Jersey or California (where unemployment benefits are the same but the cost of living is double Arizona) can survive.

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I'm not a Democrat or Republican. It sounds weird but I try to pick who I think will do the best job for America and myself. So far I have been let down by about all of them. It just seems that most of them don't care about the public. They sure as hell do when they are up for election and then they just sort of fade away. To many problems that they don't want to deal with. Some could be as minor as a neighborhood problem all the way up to a national problem. As long as that paycheck keeps coming....