Friday, February 24, 2012

The Fleecing of America--Fooling Myself

I’d been doing property management for us and so I started a company and starting picking up clients.  The mortgage career I built in a thirteen year period went away just like that.  I went from making a couple of hundred thousand a year to about thirty a year.  Dennis’ business held out for a while because houses were already started but those finished and there was no new business to be had, for one no one could get a loan.  At the onset of the crisis we had about half a million in savings and I figured we could get by, that things would change.  We put properties on the market and sold some for fire sale prices and used that money to try and hang on.  Other properties didn’t sell because value had dropped and they were upside down.  People were afraid to buy as well not knowing how far things would slide.  In 2008 Dennis was essentially out of work and we were tearing through savings like no tomorrow trying to be the upstanding citizens we had always been and live up to our obligations.

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