The Frugal Pig

American Are Still Losing Their Homes

This is a pretty painful subject for me because I do know people who had to leave their homes. They did manage to land on their feet, and seem to be thriving in a more modest dwelling then they used to own. They did go through a crisis, but probably ended off better then most. But people, wake up, this crisis is not over. For some more gloom and doom see: US FORECLOSURE RATES ARE RISING.

Now some people were victims of predatory lending, and were mislead into some pretty awful mortgage deals. Some others lost jobs unexpectedly, or perhaps savings were depleted by falling interest rates or stock prices. Frankly though, many more people were victims of their own consumerism.

I guess, when faced with the prospect of having no house at all, a more modest home seems pretty attractive. There is something purifying about living modestly, and about knowing that you are living a bit below your means. And if you are saddled with a mortgage you cannot manage any longer, why not free yourself from the stress?

If you have a way to get out of your loan, even if you have to sell the home for far less then you think it is worth, why not take the ticket out? In the long run, you will probably prosper more, and have a happier life. I know this advice seems a little bit heretical here in the land of consumerism, but it is what my friends did. They are doing alright now.

If you are still financially stable, but worry about losing your home in case of a death, disability, accident, or unemployment, consider an affordable mortgage protection insurance policy.

foreclosures, mortgage crisis

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