You know it’s a recession when YOU lose your job.
A non-blogging friend of mine asked me to publish this letter that he wrote to his Representative in Congress. His letter (edited for privacy) speaks for itself:
Thank you for your ongoing interest in the matters of the people. My reason for writing you today is because of the economy and the struggling middle class of which I am a part.
My wife and I earn an income at the the middle class level and have two children in college. Our income level disqualifies us for financial aid other than loans, which makes paying for school very challenging. In addition, we were unfortunate enough to purchase an overvalued house at a peak in the real estate market and presently owe more than the house is worth.
Clearly, we are struggling financially despite living a frugal lifestyle. We burn wood, ride public transportation, and clip coupons to save money. If one of us loses our job, we will certainly lose our home. To help avoid this possibility, we are seeking to refinance our mortgage at a lower interest rate, which will free up some money for our budget.
We are not asking our lender for more money, we are not doing it to consolidate debt, nor are we seeking a handout. Rather, we are just trying to lower payments and strengthen our financial position. However, our residence will likely not appraise well given the state of the market, and refinance charges are a major obstacle. Thus, we will probably not be able to take advantage of lower interest rates to save money.
I ask you to work with our new President to establish programs to assist people like us, the silent, financially distressed middle class. Lenders must be made to write low interest loans and allow the rewriting of present loans at lower rates no matter what the value of the present properties. By doing so, money will be freed up to prevent possible foreclosures and help the economy in general.
I would welcome the opportunity to speak with you in person at any time if you wish. I believe that if you took a look at our present situation and the situation of many people like us, that you would see that we clearly need your assistance. My telephone number is xxx-xxx-xxxx and I may be reached any time.