Truth in Foreclosure

Today was a do nothing day for me…the first one I’ve had in weeks.  Until I read a blog post and new manifesto by author Seth Godin.  It got me to thinking…which is exactly what he wanted.  I hope this post does the same for you.

We all see a lot about foreclosures on the news today.  If you’re reading this post, there’s a pretty good chance you’re in either in foreclosure now or you think you will be shortly.  Either that, or you know someone in one of those situations.

An unfortunate side effect of your situation being all over the news is that it nearly ensures people will try to take advantage of it.  They try to tell you the things you want to hear…things like “we guarantee we can save your home” or “we’ll take care of everything for you”.  They know that if you’re being threatened with losing your home, this will sound as beautiful to you as a symphony does to its fans.

I’m sure you’ve noticed that news reports and government efforts jump on this emotional bandwagon too.  They know people are hurting.  They know they need to do something.  And in this surge of compassion and empathy, they skip the first step of truly solving your difficult situation.

It’s natural to assume you want to save your home from foreclosure.  It’s natural to want to protect what we have from danger and uncertainty.  But sometimes this emotion gets in the way of doing what is truly best for us.

I hope this post helps you break through that emotion.

No matter what situation got you into foreclosure.  Regardless of what your hardship is and whether it is resolved or not, you need to at least consider that it might be far better for you to leave your house rather than fighting to stay.

I know that’s tough to hear.  In order to take control of the foreclosure process for you and your family, you need to do some tough things…and cutting through the emotion of your situation is at the top of that list.

Step back for a minute and think about your situation.  What is your goal?

When I ask most people this question, they normally answer that they want to save their home.  And on the surface, that is their goal.  But what I’ve discovered through my research and experience is that people don’t really want to save their home…they want to save the feelings their home provides them.

I can’t speak for anyone else, but I know my home provides me a sense of security, a refuge from the rest of the world, a place my family can call home, and a comfortable place to lie my head at night.  It’s those feelings and the memories wrapped up in those feelings that I want to save…not the wood and brick that makes you my house.

 Wouldn’t you agree?

If you do, then your goal is not really to save your home…it’s to save your way of life.

Your way of life is so much more than a house.  Or a neighborhood. 
It’s how you feel when you come home…can you relax or are you still stressed out?  It’s your financial condition…are you able to save some money every month or are financial stresses pulling you and your family apart?  Your way of life includes how you relate to your family members and friends as well.

What I’m saying here is that when you look at the situation with your home, don’t look at it in isolation.  Look at it in the context of your life.

While it may not be pleasant in the short run, it might just be possible that getting out from under your house would allow you to live under much less financial stress.  It might also allow you to live under much less emotional and physical stress.  And doesn’t that lend itself to happiness, peace, and joy more than struggling to make it financially every month?

I’m not saying you shouldn’t try to save your home.

I’m just saying you shouldn’t skip the first step in assessing your situation.  Take some time to sit down and truly consider what the best solution is for you and your family.  And then take action!  But take action wisely…and don’t trust anyone that tells you it’s going to be easy…because it isn’t easy.  It might require you to move…or sell your expensive car…or have your child go to a less expensive college…or live in an apartment.

But if you evaluate your situation properly from the beginning and choose the goal that makes the most sense for you and your family, you will have taken control of the situation…which is the only way to truly succeed.

If you’re interested in the manifesto that encouraged me to write this, you can check it out at: Seth Godin’s How to Sell a Book

Regardless of what you decide, there’s a good chance you’ll need to write a real estate hardship letter to your lender.  If you’d like a free, downloadable sample letter to help you write yours, simply click here.

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