Marcia's Blog

How to Overcome the Fear of Foreclosure

Fear of foreclosure can keep a potential homeowner from moving forward. Whether you’ve experienced foreclosure yourself or you know someone who has, read on to discover how to overcome your fears so they don’t hold you down.

If you’ve ever experienced foreclosure – or you know someone who has – you may be hesitant to go through the homebuying process because of fears that you won’t be successful. I’m here to tell you that those fears are natural, but they don’t have to hold you back.

 

All you have to do is look at the current foreclosure statistics to see that foreclosure is a reality for some homeowners. But even if you experienced foreclosure before, that does not mean you can’t be a successful homeowner. Many people who’ve experienced foreclosure or other financial challenges go on to buy many more houses in their lifetime. Here’s how you can join the ranks of successful homeowners too.

 

Acknowledge your fears. One of the things I’ve learned in life is that acceptance and acknowledgment are powerful.  Many times, we try to pretend that we aren’t afraid; yet, the minute we admit our true feelings, we experience relief and start moving forward in our lives. If you’re afraid that you aren’t cut out for homeownership, admit to yourself that you are afraid, take a deep breath and then commit to moving forward anyway.

 

Forgive yourself.  This step is for those who have experienced foreclosure themselves rather than those who have seen others go through it. We’re often our own biggest critics. Long after everyone else has forgotten our mistakes, we’re beating ourselves up over them. If you were a homeowner before and lost your house to foreclosure, you may have felt like that was the worst thing in the world that could have happened to you. But it wasn’t. Life went on, and you survived. Now it’s time to forgive yourself and try again. 

 

Get educated. One of the best ways to overcome fear is through knowledge. If you’ve gone through foreclosure before, have you learned what mistakes you made in the past? If you painfully watched a loved one go through foreclosure, can you learn from their mistakes? Take classes on homeownership and financial management so you can put yourself in the strongest position possible.

 

Get an advocate. Many people experienced foreclosure because they agreed to an unfavorable loan. They didn’t know enough about mortgages to identify terms that weren’t in their best interest. They didn’t have an advocate working on their behalf. Did you know that you can have your own personal guide through the homeownership process? A homeownership advisor will walk you through the homebuying process and look out for your best interests. None of us know everything.  However, we can partner with someone who knows what we don’t.

 

HomeFree-USA has a 0 percent foreclosure rate. That means no one who has worked with us to purchase a home has experienced foreclosure. Through financial education and guidance, we’ve helped so many homebuyers become successful homeowners and, just as important, remain homeowners. Let us help you.