Losing your home....

[Eye]

I just found out this happened to my first cousin.

She and her husband are in their mid-forties. They packed up everything about 10 years ago and crossed many states to live near and work for her brother, who happens to own a multi-million dollar construction company. They build huge subdivisions of homes worth over $600,000.

4 years ago her brother built their mom a home so she could live right next door to my cousin and her husband. My aunt is 85 y/o. She too moved many states to be near her children. She paid for her house out-right. My cousin and her husband had a mortgage.

Fast forward to the last year. The owner of the construction company(brother) had to lay off my cousin's husband due to the market(he had to lay his own wife off as well).. My cousin has always worked part time in a school. And I guess her husband couldn't find a job. The brother is paying bills by doing occasional remodeling jobs The banks won't loan him ANY money to build at all, so he's stuck where he's at.


Last week my mom got a call from my aunt who was in tears because my cousin and her husband lost their house to the bank. And had to move into an apartment 20 minutes away. My aunt is heartbroken.



I'm not a fly on the wall, so I have NO idea how this happened. But my first thoughts are... How could you LOSE your house? Wouldn't you get a job or two or three jobs to pay the mortgage at least? There's always filing for bankruptcy. That's not the best option, but when you have 2 kids, to lose your house... WOW!


I'm probably being harsh, but the whole thing all around upsets me, everything from the economy to living the American Dream and losing it all. It's just amazing.

[BubMunkeyBles]

Sometimes there's just not jobs out there, let alone ones that will add up to pay the bills, especially if he had a really well paying job. Declaring bankruptcy doesn't elimate your home being forclosed on either though. I feel bad for them, it's happening to tons of people and its not because they don't care about their kids and they're lazy.

[Saigon]

Originally Posted by BubMunkeyBles Sometimes there's just not jobs out there, let alone ones that will add up to pay the bills, especially if he had a really well paying job. Declaring bankruptcy doesn't eliminate your home being foreclosed on either though. I feel bad for them, it's happening to tons of people and its not because they don't care about their kids and they're lazy.

Especially if they have degrees. Many places won't hire you if you are over-qualified. And bankruptcy won't save your house.

Also, sometimes they can't get 2nd or 3rd jobs because they just aren't out there.

[Heather LB.]

Originally Posted by BubMunkeyBles Sometimes there's just not jobs out there, let alone ones that will add up to pay the bills, especially if he had a really well paying job. Declaring bankruptcy doesn't elimate your home being forclosed on either though. I feel bad for them, it's happening to tons of people and its not because they don't care about their kids and they're lazy.

Originally Posted by Saigon Especially if they have degrees. Many places won't hire you if you are over-qualified. And bankruptcy won't save your house. Also, sometimes they can't get 2nd or 3rd jobs because they just aren't out there.

[Eye]

Originally Posted by Saigon Especially if they have degrees. Many places won't hire you if you are over-qualified. And bankruptcy won't save your house. Also, sometimes they can't get 2nd or 3rd jobs because they just aren't out there.

Actually, it depends on the kind you file. We actually had to file for it years ago after my husband was out of work for over 8 months. They weren't allowed to take our house OR car with that.


Why wouldn't you try to put it on the market yourself and downsize? At least you wouldn't be out all that money.

[Saigon]

Originally Posted by Eye Actually, it depends on the kind you file. We actually had to file for it years ago after my husband was out of work for over 8 months. They weren't allowed to take our house OR car with that. Why wouldn't you try to put it on the market yourself and downsize? At least you wouldn't be out all that money.

Bankruptcy laws recently changed. And the housing market isn't doing well at all. I think its a bit odd to judge someone when you do not know the entire situation.

[Midge.T]

Along the lines of what the women above me mentioned, depending upon how much of the mortgage payment was dependent on her husband's salary, there may not have been enough time in a day to work the part time jobs it'd take to make up the payment.

We feared it happening to us when I was laid off in April of 08 and since then have made sure that we can pay everything we need on Mike's salary alone, or can take measures to quickly. It's given us peace of mind.

[Eye]

Also, I wanted to add, that my friend and his wife had this problem and he got a job a few states away to help out. I don't know. I just think that they could have done something other than just give up.

[Eye]

Originally Posted by Midge.T Along the lines of what the women above me mentioned, depending upon how much of the mortgage payment was dependent on her husband's salary, there may not have been enough time in a day to work the part time jobs it'd take to make up the payment. We feared it happening to us when I was laid off in April of 08 and since then have made sure that we can pay everything we need on Mike's salary alone, or can take measures to quickly. It's given us peace of mind.

I see what your saying!

[Heather LB.]

Originally Posted by Saigon Bankruptcy laws recently changed. And the housing market isn't doing well at all. I think its a bit odd to judge someone when you do not know the entire situation.