Please save my home

February 2, 2012

Dear Mr. President,

I just read the letter written to you by Amelia Peckne from Hudson, NC and began crying, as I am living in Columbia City, Indiana and I am in in the same situation she is in. So I can feel her pain and dismay.

I too am 51 years old, divorced and have been out of work since November 2011.  My profession has been in banking. I lost my job back in 2008 and have been working odd jobs while trying to find permanent full time employment ever since. Out of the 13 years working for a local credit union, I spent 8 years attending college part time in the evening to obtain 2 degrees in which to better myself and secure my future.  When I wasn't attending college, I worked other full time jobs in preparation for my retirement.

Unlike Ms. Peckne, I am healthy and able to work, yet I cannot find a job. On an average, I send out 5 to 10 resumes per day. I get interviews but once they see that I am in my 50's, I am no longer a viable candidate.

I presently am 2 months (almost 3) behind on my mortgage payments which means I am no longer a candidate for employment within the banking  environment as they do not hire anyone having financial difficulty and any day now can look forward to information in reference to foreclosure proceedings. I too had contacted my mortgage provider (long before I was in arrears) when I had exhaused all my 401K because I foreseen my present situation becoming a reality. I too was told they could not help me. Did I neglect to mention, my loan is with the very credit union whom I was employed with for over 13 years? 

After the devastating rejection from my financial institution along with two other local banks, I then applied with a government  program implimented by your administration that helps to provide refinancing for lower income individuals and was also denied due to the fact I didn't earn enough money.

I have exhausted all my savings & 401K that had been keeping me a float  while diligently looking for stable full time employment. On an even sadly note,  I had to pay over $30,000.00 in federal & state penalities, fees and taxes for the early withdrawal of my 401K. Thus, I can no longer plan and look forward to retirement because I have had to spent it to survive and will presumably be working the rest of my life, as I am extremely reluctant to believe all the social security I have been paying in all these years will be there when its time for me to retire.

I have owned my home for going on 10 years now and have well over 20% equity in it. Yet, I am in serious jeopardy of losing everything because I am in debt for $140,000.00, unable to obtain a lower than my current 6%-20 yr (w/10 yr  now remaining) interest rate & term loan and undesirable for employment. I even had it up for sell for over 2 1/2 years.

Now what do I do? If I only knew then what I know now, I would not have spent all that time and money in obtaining a higher education, as it would have more than paid my home off and has proven not to have given me anymore advantage in  employment options.  I too cannot believe I am in this situation. I have always worked hard to make an honest living, paid my bills and up until now have had excellent credit. Nor, have I never had a problem getting a loan before.

I believe I can speak for everyone in this country, whom is struggling in the same situations (past & present) as Ms, Peckne and myself by pleading with our government officials and your administation to help the american people just as our government and your administration helped the auto & banking industries. I would also be happy to discuss my thoughts and views in further deal on how to overcome these issues pleading our country at your earliest convenience, just look me up. We don't want to file bankrupcy, undergo foreclosure, be out of work, hungry and homeless.

Please help us, we are out of options and out of money.

Respectfully,

Ms. Tracy Spencer