Comments on: Spare Change: Help a Reporter Edition

By: Mike

Mike — Fri, 22 Jul 2011 01:58:41 +0000

I’m stuck in an underwater townhouse. I financed 100% of the purchase price via a 80/20 loan and I can’t sell it with the market the way it is right now.

I’m paying back the second mortgage by the end of this year. Once that’s paid off, I’m cusp of being able to refinance my first mortgage, which has an interest rate of 6.25%.

I rent out the spare bedrooms in my townhouse, which paid for graduate school. I graduated in 2009 with no debt, but the soft market has been still staying in the area with out being able to leave for better opportunities.

Anyway, I would be willing to make myself available for an interview. I have been interviewed by other reporters.

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By: William

William — Thu, 21 Jul 2011 20:48:53 +0000

Sign me up, JD.

Student debt bigger than yearly income … to which I send about 10% of my gross. When I first had a job, it was … something like 15%.

If that’s good enough for liquidity problems, I’ll talk.

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By: Lisa Schuda

Lisa Schuda — Thu, 21 Jul 2011 06:35:03 +0000

Im a52 year old female that was laid off in Nov 2010. I worked for this company for 30 years. Company was sold and all employees let go. Very sad time for our littl mom and pop shop. I am not going back in cube life never againg. Im going to sart an infant only daycay in my home. I zero consumer debt. and my home paid for no mortgage. you and ask me any questions . lisa

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By: Mom of five

Mom of five — Thu, 21 Jul 2011 02:49:41 +0000

You might not talk about your finances, but LOTS of people will. How about you ask around the newsroom, or church, or the playground, or your kid’s daycare, or someplace else where people know you’re a reporter. I can understand appealing to a PF blog to find someone who DOESN’T have liquidity problems, but someone who does?? Come on, we’re in a massive recession.

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By: mike

mike — Wed, 20 Jul 2011 19:13:46 +0000

I’d like to move for a job to be closer to my fiance but can’t because there are no jobs that pay this salary where she lives. After living overseas for four years with a great job I was laid off. Moved home, found “the one” (girl that is), but then had to take a job two hours away to keep up with my student loan and other payments. My choice is to rent an apartment for Mon-Fri near work, or commute over two hours/100 miles each way and move in with her. Each costs about the same, and have their own individual stresses. I have virtually 0 credit card debt but insurance, student loans, and life don’t allow me to take much of a pay cut and so here I am. We both have masters degrees but at our levels there are not many opportunities for the other in each of our locations. And that doesn’t even include the thought of how much it costs to start the family that we’d like….

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By: Melissa

Melissa — Wed, 20 Jul 2011 16:40:25 +0000

If someone walked up to you at a bus stop, said they were a reporter and asked you to tell her all about your finances, would you?

Haha, I sure as heck wouldn’t, and I’m a journalist myself!

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By: Jessica

Jessica — Wed, 20 Jul 2011 16:00:20 +0000

I am in the “liquidity constrained” situation. I am 23, have 40k in student loan debt, another $10k on credit cards, and a wedding coming up. I graduated with two bachelors, Industrial Engineering and Organizational Management, in ’09 and couldn’t find a job for a year after college. I am fortunate to have a good job now, but am still playing catch-up. I drive a ’96 Mustang with 196,000 miles on it that I’ve had since I was in High School. It is dying, but, I really can’t afford a car payment so I’m making it work.

My Fiancée, who graduated college in ’10, has only been able to find part-time work. To be able to pay the bills we had to take jobs 4 hours apart and so we only get to see each other about once a month. I knew growing up life wasn’t easy, but I wasn’t expecting it to be this hard either.

I am also willing to speak to the reporter. You can contact me if you would like to hear the rest of my story.

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By: Jessica

Jessica — Wed, 20 Jul 2011 15:50:41 +0000

I have been in the first situation for a while now….had my identity stolen by a family member and am trying to pay down that massive credit card debt they accumulated. Also trying to pay off my student loans after working as a teacher for small, private schools for 3 years. Now, I have 2 part-time jobs because I can’t get a full time job.
If the reporter still needs someone to talk to, I am willing to share my story.

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By: Steve

Steve — Wed, 20 Jul 2011 14:52:41 +0000

Hey Kate,

I am in a similar situation-150 k in law school loans and am working a government job making 60k. Pretty frustrating situation.

I’m also willing to speak to the reporter

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By: Kate

Kate — Wed, 20 Jul 2011 14:42:28 +0000

$150K in law school debt, working as a copywriter. If he’d like to talk to me, I’d be glad to help.

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By: Mom of five

Mom of five — Wed, 20 Jul 2011 11:32:09 +0000

Maybe, but I’m wondering where exactly this reporter lives that he could be having trouble finding someone with “liquidity constraints.” Might try the local bus stop or McDonalds or grocery store or Walmart or maybe just try shaking a stick and see who he hits.

Granted it might be a little tougher to find someone whose underwater home is keeping them from moving to a new job, but he shouldn’t have any trouble finding someone whose underwater home is keeping them from doing something they want to do.

I don’t know. I guess I’m just cranky this morning, but these questions seem a little lazy to me.

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By: david

david — Wed, 20 Jul 2011 05:48:35 +0000

Purchased our home at the absolute peak of the housing bubble in 2006 in CA. We missed a sign when purchasing our home – while in escrow the mortgage servicer Ownit Mortgage went bankrupt before we signed the docs. Accredited Home Lenders took over from there, filing bankruptcy in 2009. CIT Group then took the reins and subsequently filed bankruptcy shortly after. Meanwhile a hedge fund holds our notes (likely for pennies on the dollar) and we continue to pay like fools. Digging into our 401(k) for loans and maxing our credit cards all in the name of making good on our promise. Raising 5 children all the while. Oh yeah, what an adventure.

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By: Tina

Tina — Wed, 20 Jul 2011 03:40:08 +0000

I can definitely sympathize with the first situation. Last year I incurred several thousand dollars in credit card debt after being in a traffic accident and needing to pay medical expenses. My boss had cut my hours in half a few months before that, so I had just begun to freelance.

After the accident, I was in a lot of pain, and couldn’t work as much as I wanted to. I was able to get a deferment on my student loan payments (about $26,000) after this happened, but the deferment will end next month, which will be another bill to pay.

I will be more than happy to discuss my situation and hopefully help others experiencing something similar

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By: Pat

Pat — Wed, 20 Jul 2011 03:25:09 +0000

The first item describes me to a T. TO add to that I have student loans payments that start in October. At the moment I have absolutely no idea how I am going to make those payments. Yes I will be happy to talk to this reported friend of yours.

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By: Danny

Danny — Wed, 20 Jul 2011 03:09:24 +0000

I’m no longer in my underwater house but I have my success story. It’s all about how I managed to graduate college, make a plan about dealing with loans, getting a good job, making money, losing said job, skimping to get by then deciding to make a change and move, get a new job, create a new financial plan, support a student girlfriend, create yet another plan, and more. Haha, so feel free to drop me a line I’d love to share my advice and story on your site.

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By: Dan

Dan — Wed, 20 Jul 2011 03:02:36 +0000

I am head of a young household with some debt, nothing crazy but it has prevented us from doing any saving for a home of our own. We have one car, my wife doesn’t work, and we live with my wife’s parents and pay rent to help out. I might fit the liquidity constrained category if you want to pass my contact info along.

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By: Melissa

Melissa — Wed, 20 Jul 2011 01:29:09 +0000

Neither of these situations apply to me, so I can’t be of any help, but I’m a reporter, too, and I just wanted to say thank you for helping out this comrade of mine! Sometimes finding sources can be a serious challenge, and you’re likely doing this guy a real favour. Thanks!

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By: Charles Allen

Charles Allen — Wed, 20 Jul 2011 01:05:02 +0000

I am underwater in my house and would like to move. I’d be willing to answer questions for your story.

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