Here is one we received recently:
My husband an I have two small pre-school children, have a combined income of $ 45,000 annually, and a mortgage of $1500 per month. We are living in a home that we paid $350,000 for, in 2006.
On our loan contract, it is clearly stated that our payment would be $1000 per month, but that it could go up after two years. Nowhere did it say that it would go up. This is so unfair.
In addition, our credit cards (6) are currently maxed out, two have a balance of $5,000, two at $7,500, and two at $10,000. I am beginning to think we have bitten off more than we can chew and there is no way we will ever dig out of this mess. I am also beginning to think there is no hope and we will be in debt forever.
I cannot face my friends anymore and am so embarrassed. What can we do?
Buried In Debt
First of all, you must take a deep breath and relax. There is always hope.
Here are some options at your disposal, it's as easy as A-B-C:
A. If you are Hispanic you can contact La Raza. If you are Black, you can contact ACORN. Either of these fine organizations can pressure the greedy white-owned racist banks to lay off of you.
B. You can write some bad checks for your house payments. This will buy you and your hubby some more time to live in a house that was far out of your income range and you never should have bought, to start with.
C. If none of this is successful, immediately purchase a new houseboat and van.
When you have exhausted all appeals in the process and are a week away from the "final notice to vacate" date, move all of your furniture into storage. (Remember to take the dishwasher, stove, and refrigerator that came with your house, and do not forget to take a sledge hammer to the walls of the house as you leave, to show those evil rich bankers a thing or two.)
You, then, can put the houseboat in Florida and park the van down by the river. Consider this an upgrade in lifestyle, because at that point in time, you can tell people you have a winter home in Florida and a summer home where you live now. That way, you'll be the envy of all your friends.
Best of luck to you,