“Dear Steve,

My husband has been self employed for 15 years as a builder and other among other things. For the past year he has just been an investor in the stock market. Building has not been a good trade for a while. We have taken a large loss and have high debt the debt was not bad 4months ago until the stock market took a dive. we need the money that is left to make money or we will be stuck with nothing. It is not enough to cover all the debt.

Do we qualify for debt assistance if we are not completely broke and have made all our payment on time.

Shannb”

The Answer:

Dear Shannb,

Talk about two lines of work you don’t want to be in right now, building and stock investing.

I think at this point you are going to have to look towards aligning your priorities. I don’t see any quick fix to either the stock market or the real estate market in the short run. That means your husband and/or you will have to look at either finding a job or looking for some other type of work, right now.

Unless he can earn an income than all the money you are using from your stock funds will be used up and you will be in even worse shape.

If he can find income or a job and not have to touch any more of the stock funds, then over time they will rise significantly in value.

The problem right now is that it seems that bankruptcy is not a logical solution since all the stock is an asset in your name. But to be sure you’d need to have a local bankruptcy attorney take a look at your situation. Click here to get a free bankruptcy consultation.

It is a good thing that you are reaching out for help now, before it is too late. However, unless you take action now to bring in an income, I’m afraid that continuing to make your payments on time is just a stalling strategy that provides you with mental relief but it is not a way out of debt.

Don’t be yet another family that had some money in the bank but spent it all making payments, only to wind up broke and facing foreclosure or eviction. Now is the time to take action.

Big Hug!

@GetOutOfDebtGuy

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Read the full article at GetOutOfDebt.org, click here: My Husband is a Builder and a Stock Market Investor. Do We Qualify for Debt Assistance? – Shannb

I just wrote an article about the really high foreclosure rates as reported by RealtyTrac. That really got me thinking about foreclosures in my area so I went to RealtyTrac to find my local foreclosures, and there were a lot more than even I expected, and the economy around me isn’t bad!

If you want to find a local foreclosure around you just use the RealtyTrac link and either plug in your zip code or your city and state. I think you’ll be as shocked as I was.

I even plugged in 90210 (Beverly Hills) and there were 1,040 either in pre-foreclosure, at auction, or bank owned. The bank owned group was 399 properties alone. These are homes where the bank was the highest bidder at auction and is now sitting and holding this property.

I’m sure there are plenty of foreclosure investors that are just sitting on the fences right now waiting for the real estate market to reach bottom and then snatch up loads of foreclosures.

It is interesting that in a horrible market with more than 80,000 homes a month being sold at auction that it spells opportunity and profit for the foreclosure specialists.

I bet the banks are going to cut some really good foreclosure sales deals to unload all these homes sitting on their books. Besides, some communities are requiring the banks to keep the properties in good shape and keep the lawns mowed. That’s just more expense to the bank for a non-income producing property it is having to hold.

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Read the full article at GetOutOfDebt.org, click here: I Couldn’t Help Myself, I Had to Look At The Local Foreclosures