Living After Foreclosure

Even though it’s hard to go more than a few days without hearing about the housing slump and foreclosures, it’s a bit of a distant concept if no one you know has faced it.

Well, over the past couple of weeks we took a "love offering" at our church for one of our families.  A substantial amount — five figures — of money was needed for this family to avoid bankruptcy and possibly foreclosure.  All of a sudden the concept of foreclosure isn’t so distant anymore.  An entire family you know could be out on the street.

We haven’t had any friends thus far get into this kind of trouble but I imagine they won’t be the last before this downturn is over.  Professions that were once booming are now busting.  Companies are starting to take a hard look at who they can afford to keep on, and though I doubt that managers enjoy firing people, they probably will have to.

We helped out this family through a special donation, but will that be enough?  I pray that it is, but though God is in control and He will take care of His own it may not necessarily be by keeping them in their house.

How would you handle a friend in foreclosure?  Or have you already crossed that bridge?

• Recognizing the signs of a family facing foreclosure Free Money Finance recently had an acquaintance of his go into foreclosure, and the signs of trouble were clear in retrospect. People don't advertise that they're facing foreclosure, at least not outwardly.  Even if money is getting really tight, people can compartmentalize the worry when they're interacting with others.  One......
• Albany's "foreclosure intervention" bill confuses me There's legislation ongoing in Albany, NY, that will allow judges to postpone foreclosure proceeding and modify interest rates on mortgage notes of subprime borrowers. The Wall Street Journal contends in an editorial that this is "pols ... taking a whack at bank balance sheets" by giving judges the authority to......
• Steps to take if you’re facing foreclosure, Part 3 Here's the last installment of Liz Pulliam Weston's tips for dealing with the possibility of foreclosure: Offer a deed in lieu of foreclosure. This is an option if the shortfall between your house's value and what's owed on it isn't too much.  The lender can say, "Yeah, I'll take the......
• Will your lender work with you? This article from the Chicago Tribune made a point about lenders that's an unfortunate reality: The more equity you have in your home, the less eager your lender may be to work with you. It's an ironic fallout of the foreclosure crisis that those who have been the most diligent......

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