Surviving a Foreclosure

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Millions of Americans have gone through the foreclosure process. In fact some believe that 2007 will result in the highest foreclosure rate since the great depression. Much of it has been brought on by overzealous lenders who have lured borrowers into teaser loans containing low front-end payments that later adjust into much higher rates and higher monthly payments. For those that hoped on refinancing to offset the increase, the falling values of homes and the reduction of available equity in them have pushed many homeowners into foreclosure and even bankruptcy.

Debt and Depression - keeping it together.

Financial trouble is rarely an isolated phenomena - it is often precipitated by the loss of a job, an injury or divorce. Keep in mind that money trouble is temporary - it almost always passes even though we feel it will last forever. In the meantime be sensitive to your own emotional state and that of those in your family - and if you find yourself depressed and feeling hopeless, don't wait to get help. It may be time to contact a healthcare professional to help you through the crisis. Also, if you or your spouse is talking about ending your marriage, take a deep breath and consider the consequences of such an action. It is never a good idea to make life-changing decisions in a time of crisis; instead consider turning to an experienced marriage counselor, therapist or good friend to help you work through the marital stress caused by the threat of foreclosure. Financial crisis is a time to reach out for professional help as well as emotional support from your friends and family. You might be surprised how many people understand and will be very supportive of your situation.