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News Link • Economy - Economics USA

Surviving Foreclosure, by Cindy D.

I want to preface my story with a little background. My husband andI have been married for 28 years and have always been fortunate enough to pay our bills on time. We also had very excellent credit. We were like so many others-ill prepared for the economic “downturn”. Yes, we spent almost every dollar we had and even those we didn’t have. We owed lots of moneyoncredit cards, PLUS schoolloansanda car; we even had a mortgage on a home we couldn’treallyafford.We made a lot ofbad choices! My husband andI bothhadgoodpaying jobsbutnevercouldgetahead or stay out of debt. My husband hadtransferred withhis job twicesince 2000.We moved to anotherstate andthen backintoour home state.Each timewe were fortunate to make moneyonthe sale ofour home.We’dtake the moneytopayoffour credit cards, and roll the rest of the cash into a down payment on the next home. The home that we purchased (that was foreclosed on Sept 2010) was the most expensive. We just assumed we would continue making moneywhen we sold it too. The plan was to sell this house in3 yearsat the sametimemyhusband would retire andwe would then move near our families (bothof us have mothers that aren’tinthe bestof health and live five hours away) and use the “gain” to buy a small inexpensive home we could afford on our reduced income.

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