DamnYankee
Loyal to the end
My business is a one man show and I've always been able to give a select group of clients good value for their consulting dollar. Several of my competitors have gone out of business or stripped down to bare bones so there's about the same level of competition for work as there was during the boom period. Since I knew it was a boom, I made appropriate investments that help me through this. I've trimmed my expenses down, got my vegetable garden back on line, and still have my old tools and skills to maintain my homes myself as well as make improvements that will add value to be realized when the market comes back.It'll get worse before it gets better. The foreclosure crisis has zero signs of dissipating and will, in fact, get worse. Good luck to you.
You may want to drop your congresscritter a line and let her or him know that allowing bankruptcy judges to modify primary residence mortgages is one of the few things that will help the foreclosure crisis. Otherwise, you're going to be in for quite a ride.
I have built excellent credit, so am also considering a slight re-work of my business model to include renovating foreclosure properties for rental. I'll be applying for my General Contractor's license to make me even more creditworthy for purchase and construction loans.
The Southern Man will not simply survive; he will prosper.
