Today's Washington Post reported that a man with no criminal history was shot and killed by police after robbing a bank. He had a gun, and only stopped the car after the dye pack exploded in the bag of cash. When he emerged from the car with the pistol in his hand, the police fired on him.
They made a point of reporting that he was a man who worked at a local hospital, lived in Bowie, Maryland (near Annapolis), owned a home worth $725,000, and had two mortgages, both of which were no down payment loans.
The paper said there was no determination yet that the man was having financial trouble, but that his wife had no idea what their fiscal situation was. She thought everything was fine.
So... why did he rob a bank, then?
It is obvious that the paper is inferring that the man's financial situation drove him to commit the robbery. If this is the case, this is a very sad turn of events. We are hearing more and more stories of desperate homeowners taking drastic steps to rectify their financial predicaments - from burning down their houses for the insurance money to making dubious deals with "vultures" to keep lenders from foreclosing on their homes.
None of these actions are the answer!
Yes, some hard decisions have to be made if you are facing foreclosure. Some of those decisions may not be pleasant or easy, but think of the alternative! I was speaking with a client today about her situation, and I advised her to sell her 2nd car to save money. "Isn't that a little drastic?" she said. "Yes," I replied, "however the money you obtain from selling the car can go towards the mortgage, and the money saved every month from the nonexistent car payment, gas payments, and insurance can more than make the difference with your loan payment. Isn't that worth it?"
Do not take foolishly drastic actions when you face losing your home. There is always a solution - just look a little deeper.
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