Dealing with a foreclosure can be a stressful and challenging time. It can take a significant toll on your emotions and leave you feeling at a complete loss. Rest assured you are not alone and help is available. We have listed some helpful advice to negate the stresses associated with foreclosure:
Stay calm
Facing the reality that you are on the path to foreclosure can be quite overwhelming and intimidating. Often, a person’s first thoughts are riddled with panic and anxiety as they consider the negative thoughts of losing their home and having to start over. It is at this time that it is important for you to stop for a moment, breathe and centre yourself. Remaining calm in times of stress will not only make things go more smoothly but will give you a chance to think rationally about your situation and make the right decisions on how best to proceed. Remember, foreclosures are a process that can take weeks and months to go from start to finish, but how you react to it will play an important role in how the issue is resolved.
Determine what went wrong
Take some time and evaluate your personal and financial situation. Where did things go wrong? By identifying the underlying instigators you can take the next step forward to correct the problem. Be honest with yourself and others that are involved. Only by understanding and addressing your situation will you be able to move forward.
Get advice
It is important to recognize when help is required. In matters such as foreclosure, it is imperative that you arm yourself with the knowledge, information, and advice you need to help make the right decisions to save your home or credit. Just because you are facing the possibility of losing your home, it does not mean it will necessarily happen. There are a number of things that can be done to prevent the loss of your home, however, you need to know how to tackle the issue appropriately for the best result. By consulting with professionals dedicated to helping people in these situations, you may be surprised to find that there are options available to you that do not require you to lose your home and all the equity you have built up over the years.
Focus on the positives
It is very easy for a stressful situation to snowball into a mountain of guilt, depression, and anxiety. As with all aspects in our day to day lives, it is essential to your health and overall well being to stay in a positive frame of mind. Take stock of all of the good things in your life that you have, the people in your life that bring you the most happiness, and the things that you have going on for you personally. Even when things feel out of your control, you can still focus your energy towards more positive areas where you do feel like you have a level of control and security. Like all things, this stressful period of your life will too come to pass.
Make goals for yourself
Determine what you want to achieve and set out to make it a reality. By setting goals for yourself, you provide yourself direction and a legitimate reason to push forward. The act of setting new goals challenges you to make decisions for yourself and gives you a chance to re-examine what it is you really want in your life. Be bold and confident in what you set out to do and you will achieve what you are looking for.
Take Action
Above all else, you need to take action. Simply avoiding the problem will not make it go away, and the more time that passes, the harder the problem will be to solve in a favorable way. In any foreclosure situation, time is not something that should be wasted. The sooner you work to stop the foreclosure, the greater the chance your equity will not be lost to additional expenses such as legal or realtor fees. Foreclosures are expensive and once a bank’s lawyer becomes involved, the equity in your home diminishes at a very high rate.
While financial stresses and the realization that you may be on the path to losing your home can be overwhelming, remember that all moments in life do come to pass, and this one will as well. How you react to these difficulties will be the determining factor of the final result. By staying calm, positive, by examining the situation, and seeking the right help, you will be on the proper path to saving your home from foreclosure.
If you need assistance or advice with your foreclosure, or with restructuring your debt, we would be happy to discuss your options. Our experienced consultants are here to help. Our goal is to help decrease or eliminate the stresses so that you can move on with your life.
Your time to act is now. Contact us today for help
