by AnnMarie

Created on: July 16, 2008

In foreclosure and facing the ultimate challenge I would like to set the record straight. Not all of us out there have bitten off more than we could chew. We have a fixed rate and equity in our home. The only mistake we made was to refinance with a subprime lender.

Some of us, like my husband and I have run into a streak of bad luck: surgery and lost time off work, lay offs, job changes, increased taxes, expensive home and car repairs and trying to help two children through college. We have tried to sell our home in the past few years with no luck, so we have been living paycheck to paycheck and sinking deeper into debt.

I don't agree that the government needs to be responsible for every homeowner in foreclosure, although its funny how they can bailout airlines, big corporations, banks and the such, but us little people have nowhere to turn in our crisis.

So, in the past month since we received our foreclosure notice we have been in contact with many government, financial institutions and our mortgage company who claim they are willing to work with us if we can cough up a large sum of money we don't have...anywhere. We have consulted an attorney, put our home up for sale and are spinning our wheels everyday trying to find some help. Now, the mortgage company has really trashed our credit, so the banks, credit card companies and other lenders will not touch us...all within a month. We don't have much family and at this point we are trying to scrape up the $10,000 they want.

My question is why are there no government agencies or banks that we can turn to? We did have a very nice loan officer at our bank who tried many options for us, but each week that went by our credit score went lower and lower. My question is after being a banking customer for twenty-five years is it too much to ask to borrow us $10,000 to get current with our mortgage company and to save our home?

So, I will have some more sleepless nights for a time and the stress and anxiety of all this will furthur tear our lives apart. Somehow we will try to salvage the only thing we have after twenty-five years together. But...we will not walk away...there will be no short sale, no sheriff's sale, no bankruptcy filing, and I have written every government agency out there. They must hear us...and step up to the plate...as we are begging for their help.

I don't believe it is necessary for the government to take on everyone's loan...that is crazy. But in my case a $10,000 loan is a drop in the bucket in the grand scheme of things...but for us it is our life...our future. I believe that there are simpler and less expensive solutions to this mess.

I do believe that the government is responsible for much of the predicament we are all in. High taxes, living expensis, unemployment, gas, health and food costs, student education expensis, etc. Somewhere...some way we have to draw the line and I believe that many people out there need to start speaking out and standing up for our rights. Who out there is watching our backs anymore? There needs to be some serious movements in this country as we can no longer rely on or trust our government to make good decisions for our welfare.

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