I went back to January 2009 in the forums, and I did not see a topic on bankruptcy and or foreclosure or short sale. I am thinking of all of the above. A short sale is an actual sale of the house where the bank accepts less than what the homeowner owes on the mortgage, the bank pays the Realtor, and in a "no recourse" short sale, the home-owner is not responsible for the difference between what is owed on the house and what the market pays for it. As in many areas, our area has depreciated in value, yet our lender refuses to budge on terms. It is difficult to think of BK as a boomer because there is no time to make up for it. If you are in your twenties, you have a decade or more to rebuild your credit. These days, even to get a job sometimes your credit is checked. The employer figures if you can pay your bills on time, you will be responsible with company money. Is anyone willing to share experience and/or refer me to information relevant to boomers in bankruptcy? Please PM me if you want. Thanks

Princess, I have a lot of homes that are up for auction. I guess that is the same as a short sale. Most sellers try frantically to sell their homes through an agent or on the private market, before the bank puts the house up for auction. Yes, the banks are only interested in covering their own costs.

I found it interesting, that although many sellers were very sad about losing their homes; many had a determined fighting spirit. Those with that spirit, I'm sure will make their way again. Those who are devastated and cling on to what is not in their power anymore, will have a harder time getting onto their feet.

It really doesn't matter where we live; whether it's rented or owned. Sometimes getting rid of those debts, will give you the biggest victory on earth; - piece of mind. I would love to downsize, so I don’t have to work anymore. I yearn for that piece of mind. I just have to convince my Husband of that.

Anne, yes, it's true that we fall into the loopholes of the federal help. Our loan is not FHA or VA or freddie mac or fannie mae or ginnie whatever the government and banks want the loan to be moment-to-moment. Our loan sucks. We started building our dream house in April 2005. At the closing table in December 2005, estimates showed that we had already appreciated 25,000 dollars. Now, 4 years later, we have depreciated, while costs to keep the house and our selves keep going up. My husband is not all wrapped up in ego trips or power trips. I too wondered if I was the only boomer woman here who could not get her act together enough that I am about to lose her house. I spent so much money flying to take care of grandma, now to see mom, and there is another complicating factor I've never mentioned for another topic. I always thought it was an invasion of privacy for potential employers to do credit checks. T.G.I. Fridays, the restaurant, subjected my h to a lie detector test when they were screening him for a general manager position! EW, it sounds like if you downsized, you could paint more! Plus, it sounds like it may not be much different economy in Germany. I should check AARP for articles related to our age.

I don't know. This was 1986. He had to have a lie detector test to get the job, along with personality tests, and such. It should be illegal!

Sorry to burst anyones bubble but not only are lie detector tests still legal but so is your employer poking his/her nose into your credit history. Thats one of the main reasons my EX has been turned down for several good jobs in the last four months.

Well, we went to a credit card counseling service, where they negotiate the interest rate for you. You would not believe the difference. Like 13% difference. So the counseling service takes our payment each month, pays the credit card, who makes an agreement with the bank to lower our interest rate in favor of being assured of collecting a payment from the counseling service each month. I think if I don't mind posting here the steps we are taking then I can consider it my on-line journal contribution to other boomers who may have same problems to solve. We have been married 21 years. 3 days before we got married, we sat in my living room, spread only 2 or 3 combined credit cards on the floor, check the balances which were minor, decided we did not want to acquire any more credit card debt, and cut up our cards. We did pay off those cards within 1st year of marriage. But here we are 21 years later. Hey, I guess there is a pattern of behavior that needs to be addressed as separate from dollars and cents. Make sense?

It certainly does Princess Lenora. I cut up and paid off all my credit cards years ago, thank God! I don't do without the essentials of ife but I have learned to shop better and wiser. I also learned that I use to be an instinct buyer, not what I needed but what I (thought) I had to have. It is constantly amazing to me what I can actually do without and not miss one bit...You can really save by simply usuing less soap in the dish water, and washing machine. Less shampoo, only a few drops are needed. Same with toothpaste, a little goes a long way. Just my two cents...

Princess, we have friends who were so close to losing their home, but here's what they did. The bank really wanted to work with them so they figured out what they could afford to pay every month. For three months, they paid the agreed amount. They weren't late and they paid. The bank then agreed to accept that amount ongoing. The payment is significantly lower. All they payments they missed were put at the back of the loan. They still have their home and couldn't be happier.

That sounds interesting. I'm going over to NABBW to read as many financial articles as I can. Sure, there are so many on the internet, but we're talking boomer here, which is different than young people who have a chance to start over.

This is it. My husband got laid off on Monday when the restaurant he was working at got closed. So we are packing because now we really can't pay the mortgage. No notice, no severance, no nothing. I was in the middle of physical therapy due to a rib contusion, and I am in the process of applying for disability for long story. So I don't know what kind of energy I will have to come here and visit. I tend to go inward. I'm sorry, and I feel very selfish, and tempting as it is to see what you all are up to, I just can't right now. I wonder if we will be like people we read in the newspapers who just up and walk away from their houses in the middle of the night? He will face age-discrimination, that's for sure. Yet not quite old enough for SS. When I cam here almost exactly 5 years ago, he was unemployed due to his employer (a restauranteur) going bankrupt! Don't let your children grow up to manage restaurants, ok? You have all been so good to me. Take care, Lynn