Housing Crisis Hits Home(s)

A Tale From the Wealth Gap

My husband and I are from Michigan, where in the spring of 2006 his company was directly effected by the loss of the Electrolux Corporation to Mexico. He lost his job, but found a better paying position soon after in Ohio. The home in which we resided in Michigan has been on the market since August of 2006. We've reduced the price over $25,000 with no success.

We are now paying mortgages for two (modest) homes which means about $2,200 each month. This does not include the heating cost & other utilities for either home. While in Michigan, we paid more than $3,000 each year for propane.

We have always lived modestly and been wise in our financial choices. Unfortunately, the money that we must continue to pay on our home in Michigan is restricting us from investing in our retirement (401k, etc.), building a savings, or building college funds for our children.

We are not interested in making a profit on our vacant home - only to be able to pay off the loan amount. If our mortgage co. would allow us to do a Short Sale or come to an alternative solution that wouldn't put us in a foreclosure situation, our "extra" dollars would be put to work in investments that would aid in stimulating the economy and in securing ours and our childrens' futures.

Dorothy, January 21, 2008

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