My husband and I are in a financial crisis. My husband is a building contractor. The last three years have been devastating. Until recently, he has been sitting on two homes and a lot. In December, he sold two homes but sold them for a loss of over $100,000. Having signed a secure note for the building loans, we now owe the bank approximately $100,000. With no work to speak of, he has taken a job at Home Depot, but we are unable to make ends meet. I am employed as an elementary school teacher. We have depleted his 401(k) and sold stocks and bonds to pay bills. We have had to use credit cards to survive. I see no end in sight. Where do we go to get help? The stress is affecting our health. Help!
-- Marilyn
A: Dear Marilyn,
I know things are bleak and there appears to be no hope, but the economy will improve and the housing construction market will once again be robust. History is on your side, and after every downturn, we have bounced back and thrived. Future prosperity in a year or two is not, however, going to help you now.
Right now, what you need to do is contact a reputable credit counseling agency. You can find one by visiting Debtadvice.org and AICCCA.org. A counselor will review all your finances, make recommendations and get you the help you need. You should leave your counseling session with short-term goals agreed upon by you and your husband; a bare-bones budget to cover your essential expenses such as mortgage, utilities, car loans and insurance, and a written action plan for moving forward. All for free!
