Monday, June 2, 2008

Monday's Money Funny --- Can't Afford Mortgage

One of the regular features on my blog is "Monday's Money Funny" which are humorous (at least to me) articles/jokes/just about anything that I've discovered over the weekend when I catch up on all my on line reading that spark a need for knowledge. For example the previous Monday Money Funny was a about the Cost of Pop Culture Icons in today's Dollars.

This week's Money Funny really is not funny, it really sad, but I wanted to use it as a Monday Money Funny because I wanted to share the advice I've found on coping with situations like this.

Last week, Kevin from No Debt Plan wrote a post called People Living in Cars in Santa Barbara that he read about from CNN. (You can check out the full article here.)

Highlights from the CNN article are below:
A former loan processor, the 67-year-old mother of three grown children said she never thought she'd spend her golden years sleeping in her car in a parking lot.

"This is my bed, my dogs," she said. "This is my life in this car right now."

Harvey was forced into homelessness this year after being laid off. She said that three-quarters of her income went to paying rent in Santa Barbara, where the median house in the scenic oceanfront city costs more than $1 million. She lost her condo two months ago and had little savings as backup.

"It went to hell in a handbasket," she said. "I didn't think this would happen to me. It's just something that I don't think that people think is going to happen to them, is what it amounts to. It happens very quickly, too."

Harvey now works part time for $8 an hour, and she draws Social Security to help make ends meet. But she still cannot afford an apartment, and so every night she pulls into a gated parking lot to sleep in her car, along with other women who find themselves in a similar predicament.

If you find your self in a situation where you can't afford your mortgage payments, my advice would be to get out as soon as you discover this problem because its not going to get better only worse. Since I'm not a trained professional that's only my gut instinct but I've found many reputable sources with similar suggestions as well as step by step methods.
New York States Guide to When You Can't Afford Your Mortgage
Non-Profit Neighborhood Works' Mortgage Solutions
HUD's Tips for Avoiding Foreclosure

I hope no one is facing this problem but I know with the current housing market problems and US economy this could be a very real problem for many.

Stay tuned for next week's Monday's Money Funny. If you run across any Money Funnies please email them to me at and if I use them I will give you credit and link to your blog.

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