How the economy has affected my family…

I wanted to share my personal experience of how the economy has affected us. I would like to state that we are hardworking middle class people or we used to be. We have always worked hard for everything we have. After being laid off my husband and I have done odd jobs, started a garden and put food up, clip coupons, save on everything we possibly can and I have went back to school. My husband did find employment, I have yet to.

We are trying to get a home loan modification under the Obama making home affordable program too. We started trying to modify our loan in November 2009. It has been pure HELL. I can see why there are people setting there homes on fire or bulldozing them over when the bank comes to get their home, after months of being drug through the mud one becomes extremely agitated.
We worked for 10 years to save the down payment to build our home. In 2004 we broke ground and by July 2005 we were moving in. Life was great; we both had good jobs, health insurance and money to save as well as to spare.

In December, 2008 we were both laid off from our jobs. We had money in savings and were able to draw unemployment. So we set about cutting back on our expenses and looking for new jobs. Problem was there were no new jobs. So for months we got by and were able to make our mortgage because we had savings. Unemployment t alone would not make our payments so we had to use what we had saved. By November 2009 we were unable to make our house payment because all our savings were gone, so we called our mortgage company to start the modification process.

In December 2009 my husband found a new job but is making a few dollars less an hour than what he was making before he was laid off. I have yet to find steady employment. I went to work in March and was laid off again in June. I had drew out all of my unemployment so I have no more quarters to draw off of, I did not work long enough to build up more quarters. But I did enroll in school when I first got laid off in 2008 so the grants and loans help us out. However, if I cannot secure work I have no idea how I will pay back my student loans (I graduate in October).

Anyway it is now August 2010 and our loan has STILL not been modified. I call every week sometimes twice a week checking on the status of our modification. The mortgage company told us we were not allowed to make payments during the modification process and now we owe 23,000 in back payments and fees. Every time I call I am asked to fax more documentation of my husband’s income or to write a letter for this or to submit a signed form of that. It has gotten ridicules, I think the mortgage company’s agenda is to run up our payments and fees to the point that when they do turn down our loan modification we cannot possibly afford to keep it.

Our standard of living is slipping. I am not sure we are middle class anymore. I fear we will lose our home soon. Thank God everything else we have (car, truck, household stuff) is all paid off. We worked hard to pay everything off before SHTF, not because we were expecting it but because we were trying to build our wealth. So much for that, our retirements, stocks, bonds, savings, coin collections and other valuables are all gone now. We have kept a few guns just incase…

It is like the money you do have now does not go as far as it used to. Groceries, household items, clothes, personal hygiene products, medicine and insurance has all went up so $100 today does not buy what it did 2 or 3 years ago. My hope and faith are running thin. I kept thinking that things would get better but as every month passes by things seem to get worse. I swear we feel like Dick and Jane, we have yet to start being criminals but we have certainly thought of it.

Has anyone else had a similar experience?

Sorry to hear of your troubles in my part of the world its ever incresing state taxes and charges and utilities causing financial stress for example to register my 6 cylinder car for 12 months is 800 dollars a decade ago I owned a V8 and the registration was about 350 dollars,to register a v8 now is about $1100.Rates have doubled in the last 5 years.

The state government in genius moves has sold off utilities to private concerns creating oligopolys that charge what they please electricity has doubled in price in the 3 years since privatisation and water which has only just been privatised this month has gone up 20 percent.

I spend about 1 and 1/4 months income just on local and state charges before we even get to income tax.My income just covers the bills these days and trips to restaurants etc are at a minimum theres not much money spare.

In response to your post...My heart goes out to you; bless your dear heart. Everyone seems to be having a difficult time these days. Yes the economy sucks and everything seems so out of kilter.

So sorry you are having to go through this . I, personally, have not had this experience but one in my family has been through an ordeal like yours with their home.

I take it you are Christian from your signature. Just please keep the faith, looking to Him. Remember, He allows us to go through these trials for His 'higher' reasons. Trust that you will come out stronger in the end.
And please remember His promise, that He will not give us more than we can bear.

I know it must be and is very difficult for you. ... JUST
(Pro 3:5) Trust in the LORD with all thine heart; and lean not unto thine own understanding.
(Pro 3:6) In all thy ways acknowledge him, and he shall direct thy paths.

KJV Bible

You are doing all else that you know to do. God helps those who help themselves.
He'll do the rest... He'll lead you where you need to be.

[edit on 30-7-2010 by SeekerLou]

You're not alone Melissa. HUGS!

My husband and I lost our jobs back in 2008. My husband is now disabled and I am still unemployed. We have lost all of our retirement funds. Whatever savings we have won't last forever. It's scary for sure.

We both worked our butts off for over 30 years and never dreamed we would be in this position. There are so many people who are struggling or falling between the cracks. It's so sad.

I am putting faith that even if things seem their darkest that the path is always within the Light. Perhaps you were meant to be somewhere else and all of this, although expensive, was not meant to be.

Are you in-love with your home? I know you had it built, and I do not mean to say that a home is just any old home, but do you feel like you truly are home?

I have been on the brink of homelessness so many times in my life, but somehow Spirit has guided me to the right direction even though that direction never involves sufficient money.

I gave up on ever owning my own home. Instead I see it differently now. Nothing in this life can we take with us, we come in without and we leave without. Homes are necessary, but prisons are not; currently I am in a 1000 sq ft home that I pay $400 a month. It is a two bedroom and it is perfect for me. It is not mine but I feel as it is. I know in my heart if the dollar ever crashes my landlady would not kick me out because of non-payment. Even if it wasn't the dollar and just lack of income I am sure she would defer me.

At any rate, I think when the Almight Dollar crashes, you may live where ever you damn well please, and for free too. Who is going to say otherwise, especially a Bank that isn't even real anymore, not even human. So the important thing is a home that can support a large garden, chickens, maybe even a goat for milk. That's my dream home! LOL, oh wow, yeah, like this one!

I know this isn't my real home. I know that I was meant to live further north, I can feel it in my bones, but this one certainly has been a wonderful nest for me over the past 8 years.

I think you should consider stop payment and never look back. The Banks will close before long, I believe this wholeheartedly. Focus on your utilities and food and you. For entertainment you can still call them til the phone doesn't work any more, but seriously, just relax and enjoy life as long as you can. If they threaten you with removal just hold your ground, it takes months to process and there is probably a backlog anyways.

I tell you what, I hereby relinquish you of your $23,000 back-payment delinquency. Honestly. The damn system took my money and your money and gave it to the Banks who refuse to help, then I declare you debt free. I will even throw in the house too! My gift to you. America's gift to Americans.

To think that Chelsea Clinton's wedding is going to top 2-3 million this weekend. Ain't it a hoot!

Please believe in Blessings, because I am sending you one now!

Melissa101, I'm sorry to hear of your unfortunate situation. That really stinks.

I can relate, but not completely. In December 2008 I was laid off from a job I held for almost 11 years. I was working for an automotive supplier, so when the economy and auto industry tanked, we were hit pretty hard. For me personally, I was very confused as to why I was selected as one of the unfortunate folks who were let go. There were three of us doing the same work and I was not being paid the most, I hadn't had anything negative on my performance reviews for ages, and I was generally viewed as the leader of the trio. Even one of my close co-workers told me that she was shocked that I was picked instead of this other fellow who did the same work as me.

Anyway, I got a very nice severance package which, combined with the money I had saved up, lasted just over a year. During that time I didn't file for unemployment; there was something about it that simply didn't sit right with me. I'm not sure if it was a moral thing or what, but I couldn't bring myself to do it. Right as those funds were running out, I was able to find another job. It was a contract position that was supposed to last for six months before a possible permanent hire.

Well things at that job were kind of difficult. My boss' boss was extremely hard to deal with. She made me feel like an awesome employee one day, and then the next day would say something that gave me the impression that she thought I was terrible. They wound up letting me go due to what she claimed to be communications issues. Oh, the irony! There were only TWO things that she ever mentioned to me about communication. Meanwhile it took them three months to train me. And while the training was going on they were having me pulled in two directions. I felt like I was being set up to fail. Even though it was nice to have a job, despite the low pay, I am glad not to be dealing with that woman anymore.

So now I am out of work again. Job hunting sucks right now because there are so many people applying for every opening. I spoke to a woman who was responsible for a gas station cashier position, and she said she couldn't believe how many applications were coming through. And that was for a minimum wage job. People are really desperate. Pizza delivery, gas station cashier, grocery bagging...I've applied for all sorts of lowly positions such as those. But apparently a dedicated, loyal, hard working former programmer isn't qualified.

I did file for unemployment, but because I only worked roughly three months out of the past year and a half, I was turned down. Man, I wasn't too pleased about that. I feel like all the money I gave the government during my eleven year period of work was all for nothing.

Thank goodness for my distrust of the whole concept of credit, and an obsession with paying loans off as quickly as possible. My wife and I are renting, so we have no mortgage to worry about. I'm so glad for that right now. And we don't have much debt. The problem, however, is that we don't have much money saved up. So at this rate we're likely to get sucked into the damned banking system. I'm not happy about that at all. I've managed to live my life without being assimilated into the indebted population by avoiding credit cards and lingering debt. But if I can't find work, we're going to have to start using credit. Ugh. I'd do just about any kind of work, but it's so damned hard to find anything. And the thought that the economy is likely to get much worse scares the crap out of me.

My family had a very difficult past few years as well! My husband had broken his back on the job (he was a concrete worker/foreman) and eventually had to have surgery just to be able to walk. Worker's comp did pay all medical expenses and paid him a % of his former wage, so it helped. He ended up collecting a lump-sum settlement and with that we invested in a business (turned out to be a pyramid scheme, opps) and we moved our family from PA to AZ.

I worked during this whole time, mostly in home health care, and supplemented his income quite comfortably. While in AZ (since my hubby has permanant physical restrictions) he worked for a car maker, testing their vehicles and loved the job, but the pay was poop!! I got my certification to be an ABA therapist and worked with Autistic children! Well, the proving grounds where he worked laid off a bunch of people (newbies 1st, of course) and the company I worked for folded to to state funding restrictions and subsequently $'s pulled completely by McCain due to the recession!

We did what ever we could, cleaning post construction new-builds, freelance article writing online and my hubby even worked at the local Shell gas station. Our savings disappeared real fast, but we managed to stay afloat by cutting back expenses in some drastic ways. Then we got the news that the home we were renting (and in less than two months were going to begin the lease to own process) was in foreclosure due to the owners not paying the mortgage, even though rent was the first thing we paid every month !!

We ended up selling everything we possibly could, shipping one medium size box of personal belongings for each of us (hubby, me and our 3 boys) back to PA and then boarding a plane with a suitcase each and one carry-on each! Once back in PA, we lived with my in-laws for 9 months and eventually found a one bedroom apartment that we could afford with the minimum wage jobs we had found (there were no jobs to be found, even with our experience).

The good news is this; after living in that tiny apartment, all 5 of us, we were able to appreciate each other more, as well as become "ok" with not having tons of things and stuff! Our lease was up and instead of renewing, we took our time looking for a new home and found it through the power of positivity and the love of the Universe. It was not easy at all, and we thought our marriage would fail several times, but we made it through. Now we live in the country in a small, but perfect for us, three bdrm, 1 bath home. We have a one car garage (which is now "Man Land" for hubby lol), a fantastic deck out back with a corn field behind that.

Basically, my point in writing all this is to say that through this I have learned that going through these types of things can only make you stronger! Sometimes it's necessary to be purged of all the junk in our lives on all levels, mental, spiritual and yes, even physical! It is sad, but only because it is happening on such a grand scale and too so many people all at the same time. 2008 was not the best year of my life, 2009 was by far the most personally challenging and so far, 2010 only seems to be leveling out, I am hoping for the best, but I'm not delusional and so planning for the worst.

I wish you luck, love and light Mellissa and all who are going through similar struggles. Maybe we'll be the toughest when the "End Times" shtf?!