Burning Down the House

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Foreclosure is devastating to anyone.  It is a somber, painful and debilitating experience.  I can only imagine the fear and shame those losing their homes must feel.  It’s just terrible.  I guess there is some consolation in knowing that they aren’t alone; that so many others are facing the same turmoil.  Still, just like with any major loss, people handle it in different ways.  Some are sane and some are over the top.  Some people can find relief in bankruptcy or refinancing.  Others have resorted to burning down their homes or just give up and walk away. 

The Voice of San Diego recently wrote about one company that is actually helping people walk away.  For just under a thousand dollars, they tell you to stop making your mortgage payments and let your lender seize your home.  In return, you get legal assistance and the ability to remain in your home for up to eight months, payment free.  The truth is you can lose your house all by yourself.  You don’t need to pay someone to help you do it.  You’d be much better off putting your resources towards counseling assistance.  Desperate times may lead to desperate measures, but desperate measures can be even more ruinous.  Please don’t burn down the house.

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  • http://sandiego.redfin.com/blog/author/tom.swell Tom Swell

    Thanks, Carol

    The media throw statistics around and foreclosure sounds like just another business matter. They so easily forget the families devastated not only by foreclosure but the aftermath of a poor credit rating that follows them for years. Nobody wants to hire them or rent to them, and their credit card interest rate jumps exorbitantly (if they can even keep the cards). Bankruptcy doesn’t offer the protection it used to either, leaving these people in a really sad situation.