Recently, The Miami Herald did a story on how families are surviving beyond foreclosure. The article offers some good advice and suggests some useful strategies for getting back on track, financially speaking.
However, the article seemed to gloss-over perhaps the most critical move to make after foreclosure or bankruptcy or any other financial crisis: Self-examination.
Certainly, foreclosure is a catastrophic event, but after all the wailing and moaning is over, what matters most is what one learns from the experience. And, it's always easier to misread our own poor personal finance decisions as just unavoidable bad luck. But, failure to learn from our mistakes almost guarantees that we'll face them again and again.
For many of us, the problem was confusing "want" with "need." At the height of the real estate boom here in Atlanta, some folks went totally house-crazy and purchased way more home than they required. First-time home buyers stepped over affordable 3/2 starter homes to grab for expensive McMansions with all the trimmings. Only much later did they discover the painfully high cost to heat, cool, clean, and maintain all that extra (and often unnecessary) square footage. We all learned the hard way that more is not always better.
Now, buyers are returning to the basics and discovering the joys of "enough." Maybe it's OK if every child doesn't get their very own room at birth: Bunk-beds build character. And, do pricey stainless-steel appliances really cook food any faster or keep them any colder? No, not so much.
This move toward thrift and economy is one we welcome here at Home Pride. We want residents who know the value of a dollar and who understand the importance of taking good care of what you have while you save up for something better. Some of our best clients have overcome tremendous financial and personal disasters to ultimately own a home. We've seen that those who can learn from their mistakes stand the best chance of surviving the next wave of challenges, whatever they are.
In fact, we actually prefer clients who have been around the block, provided they've learned a thing or two along the way.
Foreclosure, bankruptcy, repossession: We've seen it all and still have been able to work with our clients to overcome all of these challenges and more. Don't believe us? Give us a call!