We asked our readers how the market meltdown has affected them. Their responses ranged from vehement opposition to the just-passed bailout package to solid advice on how to weather this financial storm. Here are some of their stories.

Almost anyone who reads the news or watches TV knows the past few weeks have been ugly for the financial sector. People have seen their net worth nosedive and their retirement plans put in jeopardy. Much of the pain is felt in the housing sector, where loans are increasingly tough to get and many home owners are facing ballooning payments.

Many Homeowners across the country were asked how the financial crisis has touched their lives. Various readers related their struggles with the housing market downturn, but the No. 1 sentiment expressed was anger that the recently passed bailout package was more about saving Wall Street than Main Street.

Many are upset at the idea that such a large amount of money - $700 billion - will be used to bail out the very people whose greed and predatory practices reportedly caused the crisis in the first place.

Some readers advocate going on a cash diet and learning to live within their means instead of living on credit. One reader says this is all part of a normal cycle for the free market and is confident that America will have no trouble "making it through this period just as we always have."

Where's the justice?
"We are all affected by the housing downturn.  I think the loans were put out by people without a conscience and taken by people who were financially ignorant.  The people that made the loans were rewarded financially and the ignorant people who took out loans (that no logical person would have undertaken) got to live above their means for a short period of time!  Now everyone wants the government to bail them out!!!  I work hard, bought less than I could afford, spent weekends fixing my home, and now my retirement funds are in major jeopardy!  Now I'm supposed to help bail everybody else out!  Where's the justice?" -

Need fixed rate
"I recently tried to refinance my property.  Unfortunately the appraisal for the home did not come in high enough because of the recent market slump.  I'm currently in an Adjustable Rate Mortgage that is about to skyrocket.  I got into the loan two years ago thinking no problem, I'll just refinance before the rate increases...good luck with that now!  My property (appraisal) came in $20,000 less than what I bought it for.  What happened to the days when a new homeowner could say that buying the house was the best investment they ever made.  When will the government get involved with these financing companies and say that they must approve us for what we currently owe.  Even if at a higher rate.  All I want is a fixed rate."  
"We have an ARM loan which already started resetting. We owe $300K on our house and it's worth $145K.  I really don't know what to do..."-

Will the government bail me out?
"I look forward to the day where sub prime lending becomes illegal and obsolete.  It is pathetic that the government has to step in and regulate these greedy lenders.  The government should not bail these lenders out for bad loans they made that they knew was ultra risky to begin with.  The government is not going to bail me out if I have to go bankrupt because of my bad financial decision making, why should it be any different for these lenders.  There is no shame in renting until one is financially set to buy a house.  I just hope these lenders and the government learned a great lesson on the housing mess and put in safeguards so it does not happen again." 
"If you can sell any real estate now, get out of it as fast as possible. This bailout is just scooping water out of the boat that will come right back in." - 
"I'm a first time home buyer but not getting any younger to be able to lose the money invested. As I see it, real estate won't have appreciation even in the next 10 years, therefore if you are making $5,000 mortgage a month, in 10 years you're not going to be able to realize your investment if you sell your property. While if you religiously deposit $5,000 a month, you may have at least $600,000 before any interest and this makes me think of giving up my property for liquid cash in the future. During the time of depression, people would rather have cash. I really don't care anymore about my credit standing but I want to be smarter with my investment." - "As a first time home buyer I bought a new construction condo here in southern New Hampshire in Sept.2005. I had no idea at that time just how costly home ownership was going to be. During my first year my property taxes increased by $300 per year, my condo fee went up by $50 per month and other related expenses increased, as well. This occurred all in the first year of owning the condo! How can you foresee such immediate increases? Sadly, I can rent an identical condo unit in my complex for $500 a month less than it cost to own the same unit."

Iron stomach
"It's an opportunity for me to acquire a piece of real estate in the best neighborhood in San Diego. Before the crisis, it was unimaginable to be able to do this. Now it's possible. This is an investment that has many risks but I do believe that with a long enough horizon, the markets will recover. My (husband) and I are lucky that although we have a paper loss on one property, other paper losses with stocks, we are not upside down on any loans and we have sufficient cash reserves. It just takes an iron stomach to get through the market news and not panic and want to sell everything and put the money under the mattress." 

Military families not spared
"We are a military family who purchased a home on a 5/1 ARM (conventional not VA).  Two years into our first assignment we received orders to relocate to a new state.  We attempted to sell our home, but unfortunately our attempts coincided with the collapse of the real-estate market.  Now, we are stuck with a home we can't sell and the number of foreclosures in our area keeps rising. We rented out our home to avoid foreclosure, but now banks are not willing to refinance, especially because we have never been delinquent.  Here's reality: If we had not rented our home we would have fallen into foreclosure with detrimental effects on the military career.  We would have lost our home; not one bank or politician would have offered to relieve us of our debt, taking if off our books, and wiping our slate clean.  Why is corporate banking being offered a lifeline while families are left to sink? As I watch CNN, read articles on MSN Money and follow how our elected representatives are handling the mess, I can't help but wonder when relief will come.  It seems that American families and the middle class are all but forgotten.  The rescue plans seems to provide relief to corporations who walk away with nothing more than a hand slap and their financial futures intact.  Would that the rest of our middle class and working America be so fortunate?" 

Lost job and home
"Several years ago my husband and I moved from a mountain community that was hit by one of the largest fires in Arizona's history.  It destroyed the community's economy.  My husband and I moved to the Phoenix metro area in order to gain employment. We purchased a home several years ago.  We fixed it up and landscaped the front and backyards.  Due to the recent downturn in our economy my husband was laid off from his job.  He is in his 50s and is having a terrible time finding another job.  He has over 25 years of experience as a project manager for commercial construction companies. In July, we had to turn our home back over to the bank and find a suitable rental that we could afford on my salary. It has been hard for us. For the last six years we had not been late on a payment; now we have no credit and no means to replace our home.  We are barely making ends meet." -

Punish the real culprits
"I strongly believe executives that allowed potential home buyers to become overextended are the ones that should be facing prosecution and licenses revoked. In addition, I've spoken to numerous banks that have inventory homes (vacant, abandoned, etc.) and attempted to negotiate a fair market price for the homes, but they will not reduce the existing mortgages to reasonable levels. It is these institutions that should be prevented allowance of write downs until they are forced to liquidate current inventories at fair market value and provide documentation to our federal government that all means have been exhausted in rebuilding the housing structure of our economy. When the mortgage companies are given the platinum parachute (write downs), they have no motivation or need to liquidate because WE, the taxpayer, will be the ones losing our refunds and incurring more taxes to rectify the stupidity, ignorance, and malice inflicted by the greedy financial executives and their bonus structures." "We are upside down, our mortgage is $276,000, home value is $274,000, which is very close, but after real estate agent fees and other payments, we would end up negative. This is without taking into account that it will take time to sell during which prices are likely to continue to go down. The total cost of ownership for our house, which includes the mortgage, taxes, insurance and homeowners association is $3,000 (per month). We can do it, but it'll be tight. We even had to take an unsecured loan to pay last year's taxes. In addition, because some neighbors are not paying the HOA, there is a 'cash flow' issue and there are special payments of $300 to be made to cover for those that don't pay! With the birth of our first son last February we really need a more comfortable living. This is why we wanted to go back to renting. We can rent a very nice place for $1,500 -- that is half of what we pay now!! We have excellent credit; we scored 760 each, but are willing to take a dent with a short sale just to get rid of the house.  Everybody tells us to wait because something might change in our favor, but I cannot imagine what change could be so dramatic to turn our situation around and make life affordable in our area." -

Live within your means
"Right now, I am surviving the housing crisis and economic mess. I've always tried (and try) to live within my means. Even though I have paid as high as 50 percent of my income for housing (I always had a small income due to illness), I made sure I could pay the rest of my bills. I have always looked for houses that I could afford in comfortable working-class neighborhoods.  I put away money for repairs and emergencies.  I live a reasonably simple life...with all the comforts...even if I have to wait to save the money for some things.  There are few things that I must have right away. I buy inexpensive new stuff and plenty of used.  I walk and use public transportation and I do not try to keep up with the Jones and couldn't care less.  I live with my adult son and nephew and we share expenses. I have spent much of my life having at least one relative live in to share expenses.  My (last) mortgage has been paid off and I own my home free and clear...sacrifice has its benefits!  The point is that I take my responsibilities seriously, enjoy owning a home and have never owed money (except a mortgage). I realize that at least some of my 'luck' is up to ME!  I have tried to instill my philosophy of life in my four kids." -