The recent economic downturn has many homeowners worried sick about losing their homes, especially with the way things are going with the economy and the economic fallout from the Gulf of Mexico oil leak. There is nothing more damaging for a family than and as difficult as foreclosure. Homeowners facing foreclosure feel scared, depressed, angry, disillusioned, confused and embarrassed about not being able to meet their financial obligations. Many are in denial and refuse to acknowledge the problem. They get more depressed and despondent because they do not know what to do and how to deal with the situation. The stress of a foreclosure can disrupt marriages and even produce behavioral changes in children.
The rates of foreclosures across America have increased at a phenomenal pace, giving sleepless nights to many homeowners. A recent report from RealtyTrac says foreclosure filings are up 48% from a year ago. According to RealtyTrac, a total of 1.65 million homeowners received foreclosure filings during the first half of 2010. This works out to be over 9,060 homeowners are receiving a foreclosure notice every day. This is a staggering number. A Mortgage Bankers Association report states every 3 months 250,000 or more new families are entering foreclosure.
There are many psychological and health problems caused by the economic crisis, growing number of foreclosures, and homes losing value and being underwater. Over and over, homeowners, renters, and even realtors are reporting that they are suffering from stress, depression, weight-loss, and sleep deprivation. They are, in many cases, too ashamed to reach out for help. Even my ex is losing weight because she is depressed that her condo has lost half its value. I look at this as a good thing.
Almost half of all foreclosures are due to healthcare cost burdens and medical causes. It's remarkable that in the US if you get sick you can lose your home and your life savings.
Do-Not-Give-Up - Giving Up is NOT an Option!
You are obviously distressed when your home is in the foreclosure process and you are in a tight financial crisis, but giving up should never be your decision. You need to remain calm and work on the different options and alternatives contained in The TOWER Report that can help you stop or remedy the foreclosure and stressful situation that you are now in. Knowing all the facts and all the available options, then taking action will help avoid the direst consequences. You can do it - many have before you.
When you lose your home, you lose your security and shelter for your family. When you lose your job, you of course lose your income. When the money stops coming in, the mortgage and other bills do not. These are some of the top mental stresses that make many homeowners depressed and unable to cope properly with their situations. Right now, millions of Americans are suffering through this exact situation monthly. This is a growing epidemic that is not getting better anytime soon.
If you feel funny about being in a distressed situation with your house, don't. Go outside, and look at your neighbors. According to the latest statistics, 25% of them are facing the same challenges you are. You are not alone. There is a very small amount of comfort in knowing that when you are in a terrible situation like foreclosure, there are hundreds of thousands of others in the same boat, and not just those who are living at or around the poverty level, but professionals, people just like you and me. So you need to take control of your situation and do what you can to keep your family safe and sound for years to come.
J Collin Towers, Author
Stop Foreclosure and Keep Your Home or Just Walk Away
Article Source: http://EzineArticles.com/?expert=J_Collin_Towers
