Longboat Key, FL - There is a lot to be upset about these days when faced with the dilemma of owning a home worth less than what you owe on it, without the money to maintain ownership of the home. Many homeowners feel stuck and go through common stages of grief before they are ready to accept what they must do for their own best interest. Some of these stages are as follows:
Denial - Not dealing with the reality of the situation by avoiding it and shutting down. Otherwise ignoring the problem and hoping it will solve itself without any effort. Staying in this stage only prolongs a resolution and limits a homeowner's options the longer they remain in denial.
Anger ‐ Being mad at the bank, the decisions that were made in the past and focusing attention on looking backwards instead of moving forwards. This is where homeowners feel justified in destroying a house, to get even with the lender that loaned them the money to buy their house. The consequence of anger usually only make matters worse.
Negotiation - Trying to come to a solution by exploring options, yet not being fully honest that certain concessions will have to be made. Many people believe the bank will reduce their mortgage amount or will lose their note on their home so they can live out the rest of their live without having to deal with the problem again. Being unrealistic will not help in solving a problem.
Depression ‐ Feeling helpless over the situation of losing a property and just wanting to give up too quickly. Many homeowners abandon their home too soon because they can't deal with the stress and just let the bank foreclosure on their property without ever having tried for a better solution.
Acceptance ‐ This is when homeowners comes to a place of knowing that it is time to move forward and handle their situation the best way they can for their future. Sometimes this means coming to the conclusion of completing a Short Sale on their house.
In closing, if you are in dealing with any one of these emotional stages of pre‐foreclosure, you are not alone. Seek advice from qualified professionals and move forward.
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