An anecdotal explanation as to why I sometimes feel defeated . . . . . .
Adoptions are expensive. We are normal working, middle class people. No big deal. How are we to finance this adoption? Well . . . . we have equity in our home and that is a pretty smart move considering we can lower our interest rate and have little to no increase in our house payment. So far so good right?
WRONG! It appears as though the exact moment in time that we were to begin refinancing, the subprime lending market TANKS! The big players are dropping like flies and the prime lenders can't keep up with buyouts. The feds are tossing 38 Billion to offset market panics which doesn't seem to be working. The domino affect is that individual investors are selling en masse. EVERYONE'S IN A TIZZY! NO NO NO NO NO!!!!! Not right now! Please not now!!!!! My plan B was to supplement my savings with a draw on my retirement BUT THAT IS BEING HIT TOO BECAUSE OF THE MASS EXODUS FROM THE MORTGAGE SECURITIES VIA MUTUAL FUNDS.
I feel like I'm in Vegas already! I've been watching daily as my investments are taking significant hits. Now . . . . normally, I wouldn't be bothered because I know the market will correct itself. But that could take 6 months or more. I NEED MY MONEY NOW!!!!!!!
I am going to ride it out one more day for trading. I just got word through one of my attorneys that the market is starting to rally today because the feds, in an unprecedented move, dropped the interest rate by about 1/4 percent in between sessions to help ease the burden and panic. Hopefully this will at least stop the blood letting on my mutual funds.
This is only my newest Murphy's law experience. I am making an effort into "looking on the bright side" . . . . "making Lemonade out of lemons" . . . . . "seeing the glass half full" . . . . . Hmmmm . . . . . what twist could I put on this to help with the sting of plummeting investments and financial uncertainty? OH! I know . . . . . at least I sound like I know what I'm talking about when it comes to the economy!!!!!! At least I have some money to be worried about! OK . . . . I need input from the audience here. Not sure if I'm buying this!
MyMy . . . . . Mommy's panicking a tad, but it's gonna be ok. Breathe in . . . . . breathe out.
Friday, August 17, 2007
Sweating Bullets!
2 comments:
I'm finding it difficult to know what to say.
I know you will be right on top of this and it will work out, somehow. Have you applied for a re-mortgage yet (I have heard a bit about what these subprimes are in the UK media, but we don't have them over here)? When do you need to money?
My heart sunk when I read this update today. :( I hate it when I need to "depend" on things that are out of my control. I do believe that this will work out somehow though. What about a loan? Would the bank give you one with the reason being so you could adopt? Over here the banks will give you a personal loan no problem, not much questions asked just as long as you have a way to pay and something for collateral (sp?)ie. house, car Hang in there, this really work out somehow. Loves to you!
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