You may have seen this article about a woman who shot herself after faxing a letter to her mortgage company, but the tragedy of it haunts me. The desperation and hopelessness people are feeling right now is tremendous. There is an incredible amount of shame felt by individuals and families who are facing bankruptcy or foreclosure.
Let’s put it in perspective! How many times has Donald Trump filed bankruptcy? Good trivia question.
How many financial institutions has the Federal Government bailed out to avoid the corporate version of ‘bankruptcy’ or ‘foreclosure?’ The list would be far too long for this blog entry.
As homeowners, please think of yourself as CEO of your family. If you need to do a financial restructuring – that’s OK! It is also part of the American way! Just ask Congress.
There is life – and credit – and property ownership after foreclosure. Your first option should be to talk to a consumer oriented attorney who can give you advise and support in terms of what options you may have. A lawyer representing your interests can guide you, and represent you so that your foreclosure won’t be railroaded through without your consumer rights being protected. Check out the links on my BlogRoll – my favorite resource is the Bankruptcy Law Network.
If there is no other option, then please save all the money you aren’t paying on your mortgage and get ready for the next phase of your life. Corporations and LLC’s restructure and rename themselves all the time!
Perhaps you can make it a family game – name your family “LLC” and start new! Set some goals, watch “The Secret” and make a dream board. It’s very powerful to visualize the next home you will be living in, and set some financial goals you and your family can start working towards.