Saturday, August 23, 2008
Is There Life after a Foreclosure?
Times are currently uncertain, retail sales are low, gas is up, and homes are being repossessed everywhere you look. There are two properties across the street from me that have signs on them, one reads bank owned, and the other, foreclosure. A lot of homeowners either have neg-am loans, second mortgages or equity lines of credit that were taken out when real estate was booming. Now homeowners are faced with the fact that their homes aren't worth as much as they owe. Deciding to let a home go is not an easy one. Let's face it, "letting go" is difficult especially when there is ego involved! There are so many psychological factors, stress, feelings of failure, depression, and lack of motivation for the future are just a few. But, are there any silver linings in the midst of all of the gloom and doom? Actually there can be blessings in disguise. I have a friend that was recently faced with an enormous decision. She lost her job and fell three payments behind on her mortgage. Should she keep trying to hang on to a home that isn't worth what she payed for it, or let the bank take it? She was suffering from stress related illnesses, depression, anxiety, and physical ailments, and had lost her health insurance. Examining her priorities, health (mental and physical) being at the top of the list, she made a courageous decision and decided to "let go". Notice that I didn't say give up. Since making her decision there has been a huge improvement in her outlook on life, and her future. She's now ready to make a fresh start. In hind sight she now realizes that she was never happy in her house or in the town where she lived. She is moving back to her hometown, closer to supportive friends and family, starting a new job, and has had her eyes opened up to new possibilities. It reminds me of how nature takes care of itself, a forest catches on fire, burns to the ground and renews itself, new growth and a rebirth take place. For her, the silver lining is that she has cleared the slate and has a new lease on life. When things look bleak there are always two ways to look at things, positively or negatively. What have you got to lose choosing a positive outlook? Nothing, in fact you have everything to gain.