What Foreclosure Is Like - And Why Your Home is Worth Fighting For

It feels like everything is lost. And you don’t know how you got here.

Everything was going well. Then the economy went on the skids, the housing bubble started to burst, and suddenly, your house wasn’t worth what you paid for it.

But, it was ok, things would rebound. You just need to ride it out.

Work isn’t going well. You aren’t making your numbers. No one is buying.

You start missing a few bills. Past due notices keep coming in.

And then the economy really gets bad and things go from bad to worse.

Never in a million years did you think you’d lose your job – but, here you are walking out of your office with a box of personal items – jobless.

You start applying for work, you keep going to interviews, but nothing sticks. And you start drinking to cope with the stress.

There are daily arguments. Home becomes a war front. You can’t sleep at night. You just stay awake and think about what you are going to do to dig yourself out of this mess you’ve gotten into. How will you feed your family. You are 3 months behind on the mortgage by now – how much longer do you have before the bank defaults you?

Even when you and your wife are out alone, it is just another argument, and another night sleeping on the couch.

It begins to take a toll on your health. You are back to work now, but the anxiety is crippling and it is always there – on your mind – like the sword of damoclese hanging over head, and you are just waiting for the other shoe to drop.

You and your wife budget and review the budget over and over, but you can’t make ends meet. There just isn’t enough to go around. Your kids have expenses for sports and school to pay, then a medical bill, then car repairs. It is always something.

And then the day you dreaded comes to pass. A foreclosure lawsuit. A man knocks on your door – he informs you he is a process server and you are being served.

Mail starts coming in from lawyers and realtors.

You finally look at the lawsuit. But, it seems to be written in another language. It talks about mortgage assignments and default, and acceleration of the debt. The bank’s right to foreclose the home and take over the property. Bank’s right of possession. 35 days to answer. Certificates of diligence and page after page of exhibits.

You start imagining court houses and judges in black robes making rulings on your case and can’t get the image of a foreclosure sale on the courthouse steps out of your mind.

Where will you go? What will you do to keep a roof over your family’s head?

It is easy to feel that all is lost at a time like this, but let’s go back, let’s go way back to when you first dreamed of owning a home and see what your home really is.

We are going back now, back before all the troubles began, back to a different time when you only dreamed of becoming a homeowner. Before marriage. Before kids. Back when everything was out in front of you.

***

You worked hard to become a homeowner.

You searched excitedly for a new home, looked at listings, toured properties with realtors.

Then you finally found the home of your dreams. You and your partner made plans for the future, and excitedly made the decision to take your slice of the American Dream. You can remember the excitement of choosing your home like it was yesterday.

You made an Offer on the house of your dreams. The news was exciting. Your Offer was accepted. Before you know it, you were Under Contract.

Everything after that was a blur. You filled out mortgage applications, checked mortgage rates, look at different lenders, and your mortgage broker found you a loan.

The Seller’s Lawyer then handed you the keys to your new home.

It was a surreal experience, driving through the streets of your neighborhood. Everything felt electrifying and new as you thought about meeting your neighbors and about your kids attending parties with their friends or playing little league down the street at the nearby baseball field.

Then you pulled up to your new home, taking it all in. You had a feeling of pride and accomplishment. Walking through the doors for the first time, you paused to reflect on the journey that had brought you hear and all the sacrifices and long hours. You had saved for years, sometimes cutting back and tightening your belts to make it work. But, finally you owned your own home.

Things moved quickly from there. Unpacking and tidying up the place. Spending time in showrooms and hardware stores looking for furniture. Making sure everything was just right. Now it was home.

Before you know it – your wedding day. Then some big news. And then you were three.

Birthdays. Christmas. Easter. Gatherings with friends. Your firstborns first bike ride. Their first day of school. The first little league game.

Your home is more than just an asset or an account on some ledger.

Your home is a storehouse of memories.

Your home is the story of your life.

Your home is everything.