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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Snowshoe who wrote (71322)8/23/2009 5:48:54 PM
From: Ilaine  Read Replies (2) of 74559
 
When helping people in a recession, make sure you are not throwing good money after bad.

Some people just can't service their debt, but keep hoping for a miracle that isn't going to happen.

I see it time and time again, people cash out everything, including their retirement accounts, to make the mortgage payment before they finally are tapped out, and lose the house anyway.

If they came to me early, maybe I could strip off the second mortgage, and they could at least keep their retirement accounts.
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