Happy Thanksgiving 2008

Hard to believe that 2008 is headed for a close, but unfortunately it has been one of the more eventful years in our lifetime.

The sudden and almost complete total collapse of the financial markets is eerily reminiscent of the Great Depression, and after over a year of decline and turmoil, we have yet to see the bottom.

This message is directed at those who had a beneficent idea, to provide home ownership to those who never would have had an opportunity, but truly never thought about the ramifications of such a plan. This message is also directed at those mortgage companies, who made billions of dollars circumventing banking rules and then playing both ends against the middle by pushing loans on those who had no way to repay, and then packaging these loans to investors leaving the lender free of any problems.

The message is you reap what you sow, and one only has to look at the carnage in the financial sector of our economy to see how terribly wrong the idea was to create a "ponzi scheme".

Even though on the surface movements to promote housing sponsored by organizations such as ACORN seem well meaning, these movements were either poorly thought out or more ominously put in place to further an agenda and line the pockets of those conducting the movement.

This truly is a time of unbelievable hardship, as it seems that either you or someone you know (indirectly or directly) is losing their job, or filing bankruptcy, or losing their home to foreclosure.

The message to those who are responsible for placing this country in the current situation it is in (on its knees), was it really worth it? 

• Was it worth those few short years of prosperity? 
  
  
• Was it worth losing your job, home, and financial well being?
  
  
• Was it worth bringing this country to it's knees?
  
  

Make no mistake America will rebound from this trying economic time and will return to good times, and in relatively short order.  However for the short term we will continue to pay the price for those greedy individuals and companies who manipulated that segment of America

who could least afford to be manipulated, and it has come home to roost.

Even though these are very trying times, there is much to be thankful for on Thanksgiving 2008.

• If you have a supportive family, be thankful, as many people don't.
  
  
• If everyone you know is relatively healthy, be thankful,  as many people do not have that luxury.
  
  
• If you have friends and family that love you, be thankful.
  
  
• If you have a roof over your head, and food to eat, be thankful, as many people do not have that luxury.

When your financial situation seems dire and you think there's no way out, remember most times things like this are very temporary. 

The important things in life transcend money. If you truly have a loving family and supportive friends who genuinely care about you, these are the things that are truly important in life.

There is much to give thanks for, if you really think about it. On your death bed, you probably won't be thinking about the money you have,  you will be thinking about those people in your life that meant the most to you.

I hope everyone has a safe and Happy Thanksgiving.

www.foreclosuresinmass.com 

When couples split, the home is a hot potato

Apologies for the seriously long delay from posting, as unfortunately the phone calls and emails to my offiice went from busy to "ballistic", due to the financial sector being on the verge of a total collapse.

There is a very interesting article in today's (11/21/2008) Miami Herald about how the current mortgage crisis is having an impact on the typically largest asset of marital property to be divided in divorce, the former marital home.

During the real estate boom, couples battled to end up with the house, either buying the other spouse out of their share in the hopes of just staying in the home (especially if there were children involved), or many times with an eye on cashing in on a rapidly appreciating asset.

My how times have changed. Today instead of seeking sole possession of the home, couples are now viewing the former marital residence as a toxic waste dump and want no part of it. To date this has not been a common occurrence here in Massachusetts, however that trend may not continue.

To date the foreclosure crisis has been most acute in Florida, California, Arizona, and Las Vegas. However, the trend is that many other states are rapidly seeing their foreclosure rates skyrocket, and as a result the Northeast probably will begin seeing many of the same issues surrounding foreclosures as the states currently most impacted.

Over the next few years, I can see this issue becoming very important in the wording of a marital separation agreement, and it could become one of the more highly litigated issues in divorce.

The story can be found here: When couples split, the home is a hot potato

A tip of the cap to The Home Equity Theft Reporter, Cases & Articles blog for spreading the word about this story