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March 24, 2011 - Image 39

Resource type:
Text
Publication:
The Detroit Jewish News, 2011-03-24

Disclaimer: Computer generated plain text may have errors. Read more about this.

Business & Professional

RETIREMENT LIVING

Time Passes

Economic meltdown is a
quickly vanishing opportunity.

A

and concurrently "opportunity was
s we grow, we learn one
captured." They have moved on and at
inevitability after another.
the same time eliminated their debt,
Death and taxes seems to be
allowing them to preserve their future
the most famous.
income so they can save and have the
My favorite is, "Time passes:' On
opportunity for financial strength in
a macro view, "time passes" when
the future.
confronting crises — illness, death
Many others, as of now, are sit-
of a loved one, financial problems.
ting on the fence rather than seizing
One way or the other, it is inevitable
unprecedented opportunity to shed
— time passes and we move beyond
unnecessary debt and exit
that trauma. Sometimes, it
homes and rental prop-
seems, we move beyond one
erty that are hopelessly
trauma only to face another
underwater. This "win-
— but that does vary.
dow of opportunity" is
I use the expression in a
still open, but if you wait
micro sense as well. When
too long it will narrow. As
we encounter the all-too-
part of the federal stimu-
frequent dreaded meeting,
lus package, cancellation
event or function that we
of mortgage indebtedness
must attend, but given the
on a primary residence
choice, would certainly not,
is generally excluded
I pause and say to myself,
Ke n Gross
from income until Dec.
"Don't fret, time will pass."
Spec ial to the
31, 2012. This means
The thought allows me to
Jew ish News
that if your mortgage is
avoid exaggerated anxiety
$550,000 and the lender
over a relatively inconse-
agrees to a short sale of your home for
quential event.
$350,000, you will not be taxed on the
So we say "time passes" to help us
cancellation of the $200,000 shortfall.
get beyond that which we wish to
After Dec. 31, 2012, you will be.
avoid. How about, "Opportunity lost"?
Right now, with
This expression
the correct strat-
reminds us that we
egy, credit card
were in a situation
debt and second
where we could have
mortgages can
taken affirmative
be settled for as
steps to our gain,
low as 10-20% of
but sat on the fence
the debt. As the
and the opportunity
national banks
passed us by.
gain strength,
The Great
however, these
Recession, as the
opportunities will
2008-2009 eco-
narrow.
nomic meltdown
What does
has been styled by
all this mean? It
the Associated Press
should be obvi-
and others, is a trig-
ous. If you're
ger point for both of
sitting on the fence, you need to act
these expressions. On the down side,
as credit tightened and jobs were lost, now so that "opportunity is captured:'
Wait too long and you will look back,
many experienced "time passing:'
kick yourself and say, "Opportunity
and for some, but not all, the great-
lost:' I I
est adverse impact of the recession
is behind them. Albeit, on different
Ken Gross is an attorney with Thav
terms. In the midst of this process,
some of us have recognized the reality Gross PC (www.thavgross.com) and hosts
and seized the opportunity offered — "The Financial Crisis Talk Center" (www.
fctalkcenter.com), a radio program that
a chance to shed upside-down mort-
airs weekly at 9 a.m. Saturdays on WDFN
gages and credit card debt.
1130 AM Radio.
For these individuals, time passed

Right now, credit
card debt and
second mortgages
can be settled for as
low as 10-20% of
the debt.

"I USED TO WONDER IF

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Your story continues here..

grile YCl/d

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For more information or
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(248) 352-0208

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Southfield, MI 48033

I HORIZON BAY

RETIREMENT LIVING'

www.horizonbay.com

Need a clean slate?

If you are unable to pay your bills,

you are a candidate for bankruptcy.
It's the best solution to debt problems
that are not going to go away.

248-399-9700

david@findlinglaw.com

A FAMILY OF LAW'rEKI"

- ,

fidential. Trusted.

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; DON'T MISS THE HEALTH & FITNESS SECTION

INSIDE THE JN THE LAST WEEK EVERY MONTH

Call 248.351.5107 for more information

March 24 2011

35

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