This is the first in a series of reports of a family affected by the recession.

The recession tackle last fall. We did not know yet how things would be as disastrous - in a moment - we had no money. 

In early March, we tried to transfer funds from our line of credit home equity to pay an invoice. There is no money available. Our lender has reviewed our house, the depreciation in value over $ 100,000, and destroy the money that we would have at least one year. 

When my husband learned in mid-November the last day of work would be December 31, it was not too worried. He had always enjoyed long-term employment with easy transitions and have never experienced unemployment. He was shocked when he did not get another job to open his business. 

As December wore on without prospects, we have tightened our belts. 

Like most middle-class families, we tried to do everything right. We had bought the American Dream. We had not been affected by recessions past. 

We bought our house in the suburbs north of Chicago 17 years ago, when our youngest was 2 years. It was perfect for us - comfortable in size and layout for a family of five. We lived and loved the joy here. Our house was a favorite gathering place for our children and their friends, and we hope that he will be the same for our grandchildren and their friends. 

Just prior to the layoff of my husband, we started living on the edge of our means. Although we had never committed debt and always paid our monthly bills, we have begun to draw from time to time in the home equity line to pay the bills. We reassured each other that would not go along. Of course, I work again soon. During our dual unemployment, however, we relied mainly on the line of credit equity. 

Today, unemployed or equity line of funds, we have only the pension from my husband of another company where he worked for 20 years and unemployment checks, which are greatly diminished because I resigned from my teaching job. 

We sat stunned for a moment, unable to pronounce the words that characterized our desperate situation: bankruptcy, foreclosure, homelessness, poverty. We both felt stupid - we should have ricocheted against our job search, focused on the nose dive housing values, reviewed the terms of our loan agreement and the remaining funds yanked before the lender could. But who'd never think something like that? We phoned several friends with loans to give them a heads-up. 

We were frantic, as do first? Call the mortgage lender (you can be eligible as President refinancing stimulation Obama - but that other options or not to reduce our payments enough); to negotiate payment plans for outstanding bills this month, save as far as possible, college loans in deferment of three years to implement austerity measures (only absolute necessity - to cancel a few subscriptions to which we still hung, a new draft budget), turn heat to 58 degrees, where it is never on time, eating little. 

It was not so bad, though. Our friends and parents have found creative ways to buoy our health, including more invitations to dinner we have ever had! Stay tuned.(source)