You watch the real estate market continue to flounder. Prices continue to fall and foreclosures are still the topic of almost every conversation. Most of these conversations revolve around the irresponsibility of home buyers who bought with no money down or bought just too much home. But people who played by the rules are losing their homes too.
Sue and John Tate sold their home for a tidy profit and used all their equity gain as a down payment on a new home. It wasn’t big and it wasn’t full of upgrades and amenities. It was simply newer that their last home and in a great neighborhood. Their payments were affordable and taxes were low. John and Sue couldn’t have been happier. Then it happened. John got hurt at work. He tried to continue with his job but he just couldn’t do it and was forced to go on social security disability. The couple’s income was drastically reduced but John and Sue were responsible people and had a nest egg to fall back on. Besides John knew his injury was just minor and he’d be back at work in no time. But as weeks turned into months John wasn’t getting any better and their savings was dwindling. Sue tried to find another job to fill the gap in their income but no jobs with that kind of income were available to her so she took a night job at a fast food restaurant, after all something was better than nothing and every penny would help but if things didn’t change soon John and Sue would be faced with losing their home.
Sue and John Tate sold their home for a tidy profit and used all their equity gain as a down payment on a new home. It wasn’t big and it wasn’t full of upgrades and amenities. It was simply newer that their last home and in a great neighborhood. Their payments were affordable and taxes were low. John and Sue couldn’t have been happier. Then it happened. John got hurt at work. He tried to continue with his job but he just couldn’t do it and was forced to go on social security disability. The couple’s income was drastically reduced but John and Sue were responsible people and had a nest egg to fall back on. Besides John knew his injury was just minor and he’d be back at work in no time. But as weeks turned into months John wasn’t getting any better and their savings was dwindling. Sue tried to find another job to fill the gap in their income but no jobs with that kind of income were available to her so she took a night job at a fast food restaurant, after all something was better than nothing and every penny would help but if things didn’t change soon John and Sue would be faced with losing their home.
