We’re underwater in our mortgage, then, and getting divorced (separate issue not related to the house). Neither of us can afford to keep the house by ourselves (hell, we have had to STRUGGLE to keep current with BOTH of us paying into it …).

We’re headed toward “foreclosure/short sale” territory, but so far figured that we’d keep paying on our four (4) credit cards (owe about $7K there) to keep THEM current, and cruise along “rent-free” for about 4 or 5 months or so (however long a foreclosure eviction takes) and save up so that each of us has a “nest egg” for paying rent and deposits on new places to live …

HERE’S THE QUESTION: My buddy at work says, “Hell, if you’re not going to pay the mortgage, stop paying the credit cards, too … your credit is going to be ‘toasted’ anyway, and then you can call them in several months and negotiate away some of what you owe.”

Is he full of it, or does he make some sense? He’s a “Dave Ramsey” disciple, so he usually knows what he’s talking about …

For the bailout to work and directly impact the financial system, I propose 1/4th of the $700 billion to be given to main street in these forms:
a) another round of rebate check, so people can buy gifts for their family during the holidays which will raise revenues for retail shops;
b) get two months relief from paying mortgages and rent, so that good citizens who with hard work have not defaulted their mortgage payments will be rewarded and in the end it will help these same mortgage companies that will are trying to bail out to reduce the number of default payments;
c) tax credit for everyone so that families can regain back some of their 401k savings that they’ve lost on the stock market;
d) 1 year tuition re-reimbursement, zero percent loans for college and graduate schools to encourage people with dead-locked jobs to pursue other careers that can lift them up to upper middle class level and help them compete globally and chase good jobs in China, India and Europe;

e) Relief for people who pay live in States that pay “Vehicle Tax”, zero percent auto loans or rebate checks for people to pay their next car insurance.
f) Since the CEO’s outrageous salaries will be reduced, it is only fair for that surplus to be used to raise hardworking employees’ salary to 7%-10% annually against inflation. The current 3%-5% annual increases is ridiculous especially when few people are given based on office politics while senior management get millions in bonuses, free jet flights, re-reimbursement for the luxurious trips and lunches.

Again, Main Street need a break, even if the $700 bailout is given to Wall Street, they will still squander it and buy more corporate jets, big mansions in cayman island, Bahamas, Hawaii, Bermuda and purchases of islands in Dubai and the Carri beans. Rather , when the money is given to main street, the money will have “IMMEDIATE, DIRECT on our financial system to stimulate the economy since it will be locally used to pay bills, spent on gas and Christmas shopping. Please petition to your local Government Reps so Main Street, the innocent people will also be bailed out!!

From a distressed Citizen looking for sponsorship for graduate school!! Email if you are rich and can help, our beautiful mighty country, America belongs to all of us.

2004-2006 Insurance Wholesalers Citrus Heights,CA
Customer Service Representative
▪ Audit new business application for Life Insurance/Mortgage protection daily
▪ Assist agents with various correspondence and underwriting guides per company
▪ Entering and setting the suspence of all endorsement into management system
▪ Completing production report weekly/Compliling data for month report sales