How do you cope with the reality of foreclosure or imminent bankruptcy?
Someone very near and dear to me is facing foreclosure. There is no one left to borrow from, their bankruptcy is completed and the end (foreclosure) is looming near.
My friend is overwhelmed and depressed. She has lived in her home for over 25 years and wants very much to stay there, but the faltering economy is threatening to claim them as another victim.
I made a few suggestions to my friend and if you have any other suggestions, don't hesitate to share, please.
I've been married for 29 wonderful years to a great guy and we have raised 5 lovely children on one salary while I was a stay at home mom. There were some very rough financial times, which of course led to marital stress and even physical illness at one point.
- When times got tough for us, both my husband and myself would look for new avenues of earning potential. My husband was a truck driver for years in the 80's and he was tired of getting laid off when the companies he drove for were swallowed up in a hostile takeover. He decided to go to school and get a teaching credential. It was very difficult, but we focused on the end result and after two years of school, he graduated. If you never start, you can never finish.
- While Garry was in school, everyone had to pitch in. Even the kids (they were all under 10) helped collect cans and picked berries with me to sell to restaurants. It's amazing how far you can stretch a dollar when you have to.
- Once my husband Garry became a teacher, it was evident he needed to do more than just teach if we were going to eat. During this period I cleaned houses for extra income and he took a course in classroom management and became the district mentor teacher helping dozens of teachers become better at their profession. This led to several years of workshops and greater earnings. At various times he coached sports, was teacher in charge, did tile and brick jobs and whatever else he needed to do to keep all the financial balls in the air.
- We purchased homes over the years, but always the WORST home in the best neighborhood we could afford. I wanted to feel safe. We fixed up these homes and sold them for a small profit. Garry eventually earned his contractors license which has enabled him to earn money during the summer when he is off from school.
- We always sold our homes ourselves and I so enjoyed it that I decided to make that my profession when my youngest finished high school. I took the courses, studied, and wa-la, got a job. This has taken some of the pressure off my husband.
There are a multitude of ways to make money. We have tried to be proactive and creative in our efforts to keep us afloat. It hasn't always worked out, that's for sure. We have had our share of set-backs and failures. I would like to think that we have learned something valuable from every set-back, but we have repeated the same mistake on occasion.
We have been without a place to live, lost our investment in a business venture, had to use public assistance at one time, had marital struggles and been humbled over and over again. It hasn't always been a fun ride, but I would say I've kept a joy throughout most of it because of my faith.
I have had several instances in the past week where I have had the opportunity to encourage clients who are close to losing it all. What I say to them is from my own experience. IF YOU DO LOSE IT ALL, it is not the end of your life. You can rebuild. There are many, many people in the same situation. You do not have to dwell on failure, but do what needs to be done (foreclosure, short sale, bankruptcy?) and then move on. I tell people in these situations to call your bank, a consumer credit counselor, talk to your tax professional, your lawyer and whoever else may be able to give you solid and valuable information on how to proceed. Burying your head in the sand doesn't work. The situaion will not go away or magically disappear.
It may sound trite to say that all my negative experiences have been for a reason, but it seems to be true. Sharing with a client from the perspective that I have been there and I'm still standing can be very encouraging and comforting. Agents, I would urge you to be transparent with your clients and listen to their concerns giving guidance when appropriate and an attentive ear as well.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009, 2010 and 2011--*in units sold and volume--than Fran Gatti. Put Fran to work for you!
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