The weak economy and financial crisis this country has experienced has caused roughly four million American families to lose their homes to foreclosure according to some recent statistics. The stress of foreclosure changes and significantly impacts families and can often leave them in a state of crisis. Historically, certain events such as job loss, illness, accident or divorce triggered foreclosure, now it has been spurred on by a weak economy, bad loans, declining property values, and a global recession. More and more Americans from all different economic classes have found themselves in this situation. Chances are you probably know at least one family who has been affected by a foreclosure crisis.
Foreclosure may mean the end of your house but it does not have to mean the end of your family. Some families will strengthen their bond in a time of crisis. Here are a few things that you can do to ensure that your family survives the foreclosure process.
- Grieve your loss. A house is a home and not just shelter, it’s a place of security where family memories are made.
- Avoid the blame game. It’s okay to be sad but don’t allow it to fester and become anger. Decide to work on a new game plan together..
- Keep the children’s school & activities the same if possible. Children need continuity and routine. If at all possible keep them in the same school and with the same friends. If that’s not an option arrange for play dates with their friends.
- Should we go public and how public. Discuss with your spouse what needs to be said and who needs to know. This is a very difficult time for some people so please respect your spouse’s need for privacy.
- Regroup. Rent for a while and rework your finances. Give yourself at least a year to regroup emotionally and financially. Work as a team and make saving a new habit and family goal.
Foreclosure can set you back but it doesn’t have to mean the end for your family. Learn from your mistakes, set some realistic economic goals and move on.