Stop Mortgage Foreclosure

There are many consequences of losing your home to foreclosure. There are both emotional consequences and financial ones. The realities are this:

Foreclosure will follow you on your credit for 7 to 10 years. While it will be easier to get credit a few years after your foreclosure has passed, it will remain there for many years.

Your credit score will drop because of having a foreclosure on your record. With responsible spending, your credit score can increase over time but it will hit your credit.

It may be more difficult and costly to find another place to live. Many apartment complexes check credit before they will approve you. Your foreclosure may hurt you when you look at apartments and you may be required to pay more in a deposit because of this.

If you do not leave your home voluntarily before the foreclosure is completed, you will be evicted. How long that will take depends on the laws in your state. In some areas, you could have as little as 3 days to pack up your belongings after getting an eviction notice.

You will likely have to downsize your life. Going from a home to an apartment is a big change. You will probably have to get rid of quite a bit of stuff. The upside is that you might be able to sell some of the larger items.

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Losing your home can be one of the most devastating experiences of your life . . .  if you let it be. No matter what your foreclosure experience may be and no matter what the outcome is, the trick of it is to find the gift in it.

There is a gift in every experience of our lives, even foreclosure. For me, there were many gifts that I got out of my foreclosure experience. I gained a better understanding and better appreciation of money. I learned how to manage my money better and how to differentiate wants from needs. I gained a better appreciation of my family and spent more quality time with them. I learned to appreciate the little things like the smell of a flower, the warmth of a summer day, the crunch of leaves under my feet in autumn. I learned how to have fun without spending any money. I learned that the most wonderful things in life really are free. I learned what to truly value.

I know how difficult it is to be in a situation where you are losing your home. Even though it is hard, look for things to appreciate.

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The threat of losing your home is never easy, no matter what the circumstances are. But in order to prevent the loss of your home to your lender, you need to take a look at where you are and options to help you get out.

Where You Are
Get honest with yourself about just how far gone you are in your situation. How many months have you not been making your payments? Have you talked to your lender? Where are you really at? How much money do you owe your lender?

Options to Help You Get Out
There are many options that can mean not losing your home. Talking to your lender is a good starting place. The sooner you start a dialog the sooner you will be on the road to saving your home. Another good place to go to for help is a HUD counselor in your area. These counselors are free resources for you. Find state or local help. With the home loss crisis facing our nation, there are many state and local resources that have sprang up to help homeowners. Use these sources. That is why they are there.

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