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<blockquote data-quote="donna723" data-source="post: 200758" data-attributes="member: 1883"><p>Nancy, I agree with you. I was raised the same way. My parents both lived through the Depression and were always very 'thrifty' to say the least! They never owned their own home until my older brother was in high school and I was a young teenager. And then it was a small no-frills house, and several years later they built a larger house, but still not a 'luxury' home.</p><p> </p><p>Some people have truely been hit hard by this through no fault of their own, and I feel very sorry for them. I have an old high school friend who has lived in California for many years because her husbands job was there. They are not wealthy people but paid a fortune for their house because that's what houses cost there. They had most of their savings in 401Ks. Now they're retiring this year. She had worked for a bank for years and when the bank she worked for was taken over by another one, she lost her whole pension ... just like that! They had planned to use the equity in their house to relocate and buy another one when they retired, but now they can't sell it for even what they owe on it. Her son will buy their house for what they owe and keep up the payments. They found a nice brick home on an acre of land in a rural area here in Tennessee, that cost about a fourth of what the same house would have cost them in California, but they had to take on another mortgage which they hadn't planned to do. They will be a 45-minute drive from where I live. The younger ones have all the time in the world to recover from this, but it's the older ones like my friend who will really have a lot of adjustments to make. They worked so hard and saved all these years and now their retirement will be nothing like what they had envisioned.</p></blockquote><p></p>
[QUOTE="donna723, post: 200758, member: 1883"] Nancy, I agree with you. I was raised the same way. My parents both lived through the Depression and were always very 'thrifty' to say the least! They never owned their own home until my older brother was in high school and I was a young teenager. And then it was a small no-frills house, and several years later they built a larger house, but still not a 'luxury' home. Some people have truely been hit hard by this through no fault of their own, and I feel very sorry for them. I have an old high school friend who has lived in California for many years because her husbands job was there. They are not wealthy people but paid a fortune for their house because that's what houses cost there. They had most of their savings in 401Ks. Now they're retiring this year. She had worked for a bank for years and when the bank she worked for was taken over by another one, she lost her whole pension ... just like that! They had planned to use the equity in their house to relocate and buy another one when they retired, but now they can't sell it for even what they owe on it. Her son will buy their house for what they owe and keep up the payments. They found a nice brick home on an acre of land in a rural area here in Tennessee, that cost about a fourth of what the same house would have cost them in California, but they had to take on another mortgage which they hadn't planned to do. They will be a 45-minute drive from where I live. The younger ones have all the time in the world to recover from this, but it's the older ones like my friend who will really have a lot of adjustments to make. They worked so hard and saved all these years and now their retirement will be nothing like what they had envisioned. [/QUOTE]
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