A True One-In-A-Million Story Helps Change The Food Industry Who Else Wants to Lose Their House to Foreclosure?

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Who Else Wants to Lose Their House to Foreclosure?

You expected this question to end with a promise of wealth, right? Well, more and more people have been taking foreclosures by surprise lately.

Are you behind on your mortgage payments? Are you facing foreclosure? If so, you are not alone. I went through this myself not too long ago. At first, I was embarrassed to admit it, but now I realize it’s nothing to be ashamed of.

If you feel guilty, embarrassed or ashamed about the financial deficit you are in, my story will help.

I have worked as an engineer in the same company for the past 17 years. I thought I had job security, but I was laid off last August. This has happened to many lately.

It wasn’t long before I realized I had a cash flow problem. Unemployment benefits didn’t even cover my mortgage, let alone food, utilities and HOA dues.

I tried to negotiate a loan modification with my lender so I could keep my house. But the bank knew the unemployment wouldn’t last long so I didn’t qualify. They wanted proof that I would be able to pay my mortgage for the next year, not the next six months.

Meanwhile I was searching newspapers and the internet for a similar engineering job, but the job market was very tight. My previous work experience was in a very specialized field and there were no jobs to be found.

I have seen a lot of ads for online money making opportunities. I thought I might be able to cover my bills that way. So I started following one guru after another trying to make it big in internet marketing.

I lost my job in August and by November I had to start choosing which bills to pay and what to wait. The mortgage was my biggest bill so it was always put at the bottom of the pile.

I was lucky that I had something to fall back on. You see, I married a Chinese girl whose family was good. A few years ago my wife’s family bought us a house (in China) free and with no mortgage. Construction had been over for over a year, but it was still empty just waiting for us to move in.

I thought I could rent out my house if I was in China. I could use the rent money as proof of income that the lender wanted to negotiate for the mortgage payment. Then the monthly rent will cover the mortgage.

I found a tenant to rent my house and I packed up and moved to China. But the tenants did not pay the rent on time or in full. Without a reliable income proof, the bank was not willing to negotiate at all.

With no documentable income, even President Obama couldn’t save my house. Eventually the bank took my house from me.

Did you know that more than one million households in the United States are facing foreclosure today? Although President Obama has made efforts to help these people, it doesn’t do much good for the people who lost their jobs.

So how did we get into such a mess?

Here’s how in a nutshell:

With interest rates at historic lows, lenders have changed their business models so that they make their money in up-front points and fees rather than interest paid over time.

This makes it possible for lenders to sell loans packaged as mortgage-backed securities. Since they weren’t planning on keeping the loan, they got a little crazy and offered loans that they knew wouldn’t be repaid.

Homes became more affordable because people who shouldn’t have qualified for loans were offered deals they couldn’t refuse. As demand increases, the real estate market responds with unprecedented price increases.

Wall Street investors who bought mortgage-backed securities were seeing great profits as housing prices rose, so they were willing to ignore the fact that many of the mortgages backing their investments were doomed to fail in the first place.

This resulted in a record number of foreclosures, causing banks to face financial difficulties. Getting credit became harder and harder. Businesses dependent on credit had to be stopped. This created a snowball effect in which consumers lost confidence in the economy.

Consumers stop eating and the economy brakes. A kind of self-fulfilling prophecy: you save your money because the economy is weakening because no one is spending money because the economy is weakening…

Well, things are starting to turn around and President Obama is starting to make some changes to help struggling homeowners. There are signs that the economy is starting to pick up.

Most people have no choice but to go to and from China if they want to. But there are other options. Some people are turning to some innovative ways to save their homes. Some of these ways are actually working. Have you heard of the woman who saved her house by selling apple pie?

You can learn more about what people are doing to save their homes by visiting my website.

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