 |
 |
|
I started Short On Change (http://www.ShortOnChange.com) in 2008 because I was investigating foreclosures and bankruptcies. I found it odd that I could go to two lawyers and get two different answers about bankruptcy and foreclosure. Different web sites gave differing information. I quickly realized that apparently every foreclosure and every bankruptcy was different, and that there was no way to find any single explanation of what I would face. This was unfortunate, but it started me thinking about all of the other millions of people in America facing the same situation that I was facing. I felt that there must be something that I could do that was constructive. Thus, I started this web site. ShortOnChange.com has been very beneficial to me. Just putting my thoughts online has helped me organize my thoughts and emotions - and believe me, I have been on an emotional roller coaster that certainly needed some brakes. I suppose I should tell you how I came about my current dire financial situation. It is easy really. I bought too much real estate and did not sell it before the real estate market closed its doors. Amazingly, I now find myself in about $2 million worth of debt. Yes, the majority is secured against the real estate; but that will do very little good in today's real estate market where prices are plummeting. <<Click here to see what Noah is losing>> All three of my beach properties, in fact, are not even selling for half of what I bought them. I have them all up for sale, but nothing is selling. I have them all up for rent, but nothing will rent for what I need to cover or even nearly cover the mortgage payments. I have carried them (made the mortgage payments and paid the utility bills) as long as I can carry them. The final straw came late in 2007 when I received my insurance bill and my property tax bill. The insurance bill was about $9,000. The property tax bill was about $10,000. Having beach properties is not cheap. I have paid neither of these bills, and I quite making my mortgage payments in December 2007. <<Click here to read about Noah's Debt Counseling Experience>> The banks have been completely unwilling to make adjustments on the mortgages. They have made plenty of calls, but those calls are just to encourage me to make my payments... which is not going to happen. I have not resigned myself to letting all three of the beach properties go back to the banks in foreclosure. I anticipate that the banks will not be able to sell the properties for even half the amount of the mortgages so the banks will probably come after me for the difference. In the end, I will probably have to file bankruptcy. Of course, since the banks changed the bankruptcy laws a few years back in their favor, i will probably have an awful time. I am wondering even if I should just quit my job and move back home, maybe go to school. It will, no doubt, prove to be an interesting part of my life. We shall see. Read my blogs. Make comments. Share your stories; and remember, you are not alone. Thanks. Checkout My Best Blog Entries |
||
|
|
Disclaimer: Always seek qualified legal counsel for your legal matters
