by Toni Doswell

Created on: July 17, 2008   Last Updated: October 15, 2010

"Where do we go from here?" is the literal question asked after a foreclosure occurs. A foreclosure is a final indictment to one's ability to pay the mortgage. There is no jubilee, but there are sighs of relief. Before the process of foreclosure was final, the persons who had the mortgage look for every possible way to hang on to what they once thought would be theirs in the future. When all attempts fail, they throw their hands up in full surrender.

The burden, though painful, is lifted.

From foreclosure life goes on. Usually a family can find a nice affordable rental unit. This is needed- no upkeep, no hassle, usually. Here the family can rest a while and get their thoughts together and begin making plans for a brighter day. It's not a defeated attitude, but a retreated one. The family can begin planning again for home ownership in the future, but this time with the aim of living within one's means.

  Foreclosuresdo not always occur because of willful intent not to pay a debt. Sometimes, it is sickness, or unforeseen circumstances which interrupt the dream of home ownership. Whatever the reason, there is much hope for tomorrow. I have seen people walk away from their homes, only to buy another one in a few years. It takes a few years to build up collateral and resources in order to purchase a new home, and sometimes, if fortunate, a
family can buy a home that is about to be foreclosed upon at a fraction of the cost.

Today, people are looking for alternative ways of financing property which may include lease with option to buy, land contract, taking over a note that is almost to be defaulted on, obtaining a principal mortgage while paying the seller a satisfaction amount. New homes, sometimes, are much better investments than older homes. Older homes often have more sentimental value and are overpriced, whereas new homes can be bought at market value. Some families have chosen to shell up their home, and gradually work on the inside of the home even while occupying it. Depending on the regulations in an area, there are a variety of ways occupants can go. As more and more families go back into the mortgage arena, more and more conventions will gradually be in place to make the transition back to home ownership easier.

Life after a foreclosure includes a shift in thinking. It is not really as bad as it seems. One will find they can still go on and live a wonderful quality of life under another roof and in another neighborhood. In a way, foreclosure helps us understand that nothing is permanent, and why should it be? It helps us to understand ourselves better and appreciate what we have, rather than what we want to have. It helps us to evaluate our priorities in life and stay real. A house is not a home without loving, caring people in it. This lets us know our homes can be anywhere love abides.

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