You're up to your eyeballs in debt. You are standing on the kitchen stool to see above the wrath of paper. You don't answer your phone. You are embarrassed to get your mail but figure after dark, nobody will see you and it is safe as you think someone is spying on you.
photo courtesy of paperscreams.com
There are so many ways to make a peanut butter sandwich:
Crunchie Peanut Butter
Smooth Peanut Butter
Really thick peanut butter in the center
Toasted Peanut Butter Sandwich
The half and half Sandwich - Crunchie on one side and Smooth on the other
This is what you are doing to survive besides alternating with a side course of Mac n cheese. But this isn't doing anybody a world of good (even if you add jam or jelly to those sandwiches). One of the things that you must concentrate on is yourself, first. Eat healthy and don't neglect yourself healthwise.
Now while word is out that the majority of Loan Modifications fail is because it's not just about modification of the loan but reviewing of the other financial commitments. Where do you stand? Do you have money if a medical emergency arises? Your gas bill just shoots through the roof during the winter .... will your current paycheck carry it or do you need to get an extra job during the winter season to assist your house budget?
An analysis of your monthly spending and credit card habits are critical for survivorship in a loan modification. Properly budgeting is essential to survivorship people. If you are an individual that sees a sale and must buy, you would be a candidate for high failure in a loan modification. Don't fool yourself into thinking that you can change your ways with your spending sprees. It would hold for about one year and then you'd go wild ..... simply crazy and you try to rationalize within yourself that just this one little spending spree won't hurt. It's like alcoholism - it's hard and it takes a strong commitment even when we become weak.
While people blog and write about the failures, what needs to be understood is the psychological mindset of the individual or families involved in loss of a job, disability overnight, cut back of hours. The guilt, the depression of feeling like a looser when what most don't understand that about out of 20 of your neighbors, 14 of them in financial distress as well. So, you have to eat what is on sale at the store - who isn't! It's hard for most who are in financial straights to meet someone "of authority" every month and hence if it isn't someone who appears to be threatening to them, the "disgrace" that they feel deep within isn't so bad and hence while others may not understand ....... it is much easier to adjust behavior with someone the consumer trusts and when things go whacko in the budget, the consumer will be more apt to respond during those stressful times and not feel sooo much guilt.
It's not easy. It's tough but once payments are regular ... the stress level decreases. The self-worth starts coming back. Oh, don't think that there won't be "flashbacks" down the road when something goes just a little off in your life. It's normal.
So, I will say breath. You are not the only one in the boat. But for pete's sake, please reach out right away as soon as you know your financial situation has changed. Granted, banks are not used to restructuring loans or holding real estate as inventory, so cut them some slack as well. If you understand this, then you are on your way to recovery.
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