Guest post on Zillow - 5 things to do if you're facing foreclosure

I'd like to send you over to Zillow.com today to read the post I wrote for them as a guest blogger--

5 Things to Do If You're Facing Foreclosure...

Screen Shot of my guest post over on Zillow.com

Thanks for heading on over there to give it a read.

As always, I hope you'll comment and share it if you like what you read!

Danke!

-Steph

P.S. Bob didn't get his wish of selling 25,000 copies of my book for his birthday. But he did have a wonderful birthday. And the book is doing quite well on Amazon today! As of 2:29 today, Love in the Time of Foreclosure is #12 in the Kindle store for Kindle books in the Real Estate category. And it's #89 in books in the Real Estate category. That's in ALL books. Not just eBooks! Check it out:

Where have all the homeowners gone?

According to this CNN MONEY article, Home ownership hits lowest level since 1965, we are becoming a nation of renters. This shouldn't be too surprising today. But, think about that a few years ago. 2006, for example. We never would have seen this coming.

Actually, Bob and I had a friend who did sell his condo in 2006 at the height of the market. We thought he was insane. Why? Why would you get out of the home owning game and go back to being a renter? Why?! Well, the answer was exactly what you would expect.

The answer was...

BIRD FLU.

Of course. Bird flu.

The most commonly sited reason for selling your property at the height of the housing bubble.

Our friend's mom was the co-owner of the condo and she was convinced that bird flu was going to be so devastating that it would crash the housing economy. I don't quite remember the logic. But, I'm telling you. She was convinced. Thoroughly.

So they sold. And made money. And people thought they were crazy.

In 2006.

Now. In 2011?

They kind of look like geniuses, right?

Well, I think they're geniuses. Or incredibly lucky. Or she has some kind of tricked out ESP. She clearly felt the impending crash.

Take bird flu out of the equation for a second. She knew the bubble would burst and that it would be terrible. So it wasn't because of bird flu. But who cares. She was right.

We've since lost touch, but I wouldn't be surprised if they were back in the home owning game and bought something at a bird flu bargain price. We'll just have to guess.

So, home ownership is the lowest it has been since 1965.

A show of hands, please. How many of you were home owners and are now renting?

Uh huh. Same here.

Now... how many of you are home owners (currently) with rental income?

Have you noticed a significant difference in the market? Has it been easier to get quality renters?

I imagine that the renters that are former home owners make for really good renters. Am I right? We're used to keeping a place up. Pride of ownership and all of that. If you're a landlord, I'd love to here what changes you've seen since the crash.

And if you're a born-again renter, how is it for you?

This article brings up so many points. It's too much to write about in just one post. But, in light of my last post about the American Dream today, I have to point to this excerpt from the piece:

In a February housing finance report, the Obama administration stated that its goal was to "ensure that Americans have access to an adequate range of affordable housing options. This does not mean our goal is for all Americans to be homeowners."

Did you see that? "This does not mean our goal is for all Americans to be homeowners."

Interesting, right? There's a deeper level of responsibility in that rhetoric that I appreciate. It reminds me of the quote from President Ford:

“My goal is homeownership for every American family that wants to own a home and is willing to work for and save for it.” – President Gerald Ford, 1976

 

For every family that wants to own a home and is willing to work for and save for it.

Fair enough, Mr. President. Fair enough.


-Home Ownership Hits Lowest Level Since 1965: CNN MONEY

Imagine this foreclosure story

Imagine you’re 75-years-old.

You live in New York State with your spouse and together you have a daughter in Chicago and a son in Connecticut.

Imagine you and your spouse are tucked into bed, sleeping peacefully at 9:45 PM when you’re startled awake by banging at your door.

What goes through your mind? Someone’s been hurt. Right?

Imagine that the person banging on the door is the Sheriff. But he’s not there to deliver news of any accident. He’s there to serve you foreclosure papers.

Not your foreclosure papers. Your daughter in Chicago. The Sheriff is there to serve you with her foreclosure papers.

At 9:45 PM.

Now imagine you’re the brother in Connecticut. Same story. Sheriff serves you with your sister’s foreclosure papers.

And now imagine you’re the sister.

You’re in Chicago and you're in foreclosure. Fighting to save your home. You've been served with the papers... and have just found out that your parents in New York and your brother in Connecticut were also served with your papers.

You’re in HUD-Approved Mortgage Counseling. You’re researching your options. Navigating the labyrinth of foreclosure.

You’ve already been through hell. With a brain tumor. You lost your job when you used up all of your medical leave only to have your property taxes double in the last two years.

Your $1260 mortgage ballooned to $2300. None of this was expected. But it happened. And now not only are you having to deal with the fear and intimidation that accompanies the possibility of losing your home, but your parents and brother are too.

You try to talk to Wells Fargo but they tell you to communicate with their foreclosure attorney who never picks up the phone.

You try to keep it together.

Your husband grew up in communist Czechoslovakia. He escaped his country -- he left there to come here for a better life. He came here with nothing, got his green card, did everything exactly as he was supposed to -- worked hard, paid taxes, pursued the "American Dream" -- and now is back at square one. He wonders if he made the right decision. But he knows he did. Because he met you.


Now imagine that this story is true.

Because it is. This is a true story from a Love in the Time of Foreclosure reader.

Her name is Trish and she gave me permission to share her story with all of you.

What really touched me is how much she and her husband have been through and how they are still trying to create a positive outcome. They don't know what that will be at this point. Their story doesn't have an ending yet.

I was also completely surprised by the fact that her brother and parents were served with her foreclosure papers. I've never heard of that. As Trish wrote to me, she's never experienced such intimidation tactics before. No. I wouldn't think so. It makes me wonder... how much of this is going on that we don't know about.

Has anyone else out there fighting foreclosure been the victim of the bank's intimidation tactics?

The other mystery is that because she is in HUD-Approved Mortgage counseling, Wells Fargo is not allowed to pursue legal action against her for 90 days. Yet they served her entire family with foreclosure papers. This seems to be a case of the right hand not knowing what the left hand is doing.

And it makes me angry.

This is what I want to say...

Trish,

As I wrote to you before, you're not alone. Keep focusing on the positives in your life. I'm glad you have each other. Because that's how you'll get through this... together.  Good luck. And please keep us posted. As our story has made a difference for you, now yours will make a difference for someone else. Thank you for having the courage to share.


Best,


Steph

How To Breathe When You're Underwater

This morning I woke up to an article from CNN Money that gives the stat that 30% of all mortgages are underwater.


The first two lines read:

"Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon."

Kind of a downer, right? Kind of? Ha. Definitely. And if you're underwater or facing foreclosure, that is how it feels. And the reality of this foreclosure crisis is that it is a long one. Not an uplifting revelation.

So what do you do if your mortgage is underwater? And how does that feel on a daily basis? And what do you do to make a difference in that situation?

Our mortgage wasn't underwater. We ended up in foreclosure as a result of not being able to make our payments due to job loss. However, I imagine a lot of the experience is similar.

So I present to you, an IMAGINED conversation with an underwater homeowner (UH):

ME: Did you ever expect to owe more than your house is worth?

UH: (Duh.) Not in a million years. We obviously would never have bought.

ME: Right. Of course. So how does it make you feel to make those payments every month?

UH: Duped. Like the bank is laughing all the way to the... well, to the bank.

ME: I imagine you feel angry too.

UH: Yeah. And like an idiot at times for having made such a terrible investment.

ME: Well, you couldn't have known--

UH: No. But if I had known... well, I wouldn't have this bleeding ulcer.

ME: You have a bleeding ulcer?!

UH: From the stress.

ME: I'm sorry to hear that. So what do you do?

UH: I make the payments.

ME: Why?

UH: Because I signed a contract. Because I can. Because I don't want to end up in foreclosure.

ME: Are you aware that many underwater homeowners are now walking away as a business decision?

UH: Yes. And we considered that. But...

ME: But?

UH: It just doesn't feel right.

ME: I get that. I think a lot of people feel that way.

UH: Are we almost done?

ME: Just one more question. With all of the stress of being underwater, how do you...

UH: How do I...

ME: How do you breathe?

UH: (sighs) One breath at a time.

I'm not sure this imagined conversation sheds light on anything.

And I'm still not sure I know the answer to the question How to Breathe When You're Underwater, but I do know some things that don't help...

5 Things that don't help you breathe when you're underwater:

1. Dwelling on the mistakes of the past
"We never should have bought this house!" Sound familiar? You can't change the past and this sort of thinking will only lead to more regret, depression, self-loathing, second-guessing, anger, resentment and bleeding ulcers.

2. Playing the blame game
Whether you blame your spouse for wanting the house in the first place, your intuition for telling you it was a good idea, President Bush for starting this crisis, President Obama for not yet solving it, or the banks for getting rich while your investment tanks... spending energy blaming is energy wasted. The sooner you come to peace with the way things are, the more room you'll have to breathe (and regroup!)

3. Taking it out on your house
We've all heard the stories of homeowners who destroy their homes just before the banks repossess them. They do this, I suppose, to release anger and to stick it to the banks. Well, whether you're in foreclosure or underwater, this is not advised. For your own sake! Think about it. Your environment is so important. Especially at this time. The best thing you can do right now is ENJOY YOUR HOME WHILE YOU HAVE IT.

Now is the perfect time to de-clutter. Organize those closets. Get rid of excess stuff. Go on. Sell it on eBay or Craigslist and make some extra cash. Then, once your house is in tip-top shape, throw a dinner party. Share it with your friends and family. Appreciate it more now than ever before. This makes sense because A. You still live there, so you may as well enjoy it and B. If you end up needing to sell, you'll be ready.

Just remember. It's not your house's fault. So be nice to your house.

4. Denial
The only thing denial gets you is inaction and that is very dangerous for someone who is underwater and/or facing foreclosure. It's not a fun place to be, I know. A little escapism can go a long way. I'm not talking about that. I'm talking about outright denial. Ignoring the situation and pretending that it's all peaches and cream. Now is the time to be reading up. Researching your options. Talking to the bank. Working on restructuring your loan. And facing reality with confidence and determination. You never know what you might be able to accomplish when you embrace reality.

5. Neglecting the rest of your life
While it is a good idea to face the reality of your situation, it's not a good idea to become singularly focused on your personal housing crisis and ignore all other areas of your life. This doesn't usually happen intentionally. It just happens. Yes, I know. It's hard to enjoy life when such a huge part is going so far off plan. But obsessing about it will only bleed into the other areas of your life. You know. Like an ulcer.

Instead, try this: LIVE IN THE MOMENT

As hard as it might sound, it's really not. It's just a switch. Notice the world around you. Be in the moment in every moment.

As John Lennon wrote, "Life is just what happens to you while you're busy making other plans."

Breathe each breath, as our imagined underwater homeowner said, "One breath at a time."

And if all else fails, try yoga.

I hope that helps!

What helps you breathe?


CNNMoney - 30% of Mortgages Are Underwater

The re-birth of LITTOF

This doesn't have to be awkward.
I know it's been a while, but I'm still me and you're still you.
Let's talk as though no time has passed. It can be that way, right?
That's the testament of a true friendship. Time goes by but it feels like only yesterday.

So, yes. I'm back.

I know what you're thinking.

Why? Why now? You said you were done with this blog.

True. I did say that. But...

A girl can change her mind, right?

Here's the thing. All this time has given me something. Perspective. And two things happened last week that brought my new perspective into focus.

1. The numbers came out. 2010 was the biggest year for foreclosures. 1 million American homes were repossessed in 2010.

2. A friend who is finding it hard to hold onto their home reached out to me for advice and inspiration.

As I was writing my friend a long message providing what I hoped would be inspiration, it hit me. Just because our foreclosure story is now almost two years behind us doesn't mean that I can't still make a difference for others who are in foreclosure or teetering on the precipice today.

I said that I began this blog to make a difference by sharing our story. And I was passionately committed to that. The truth is, that commitment never ended. I'm still passionate about making a difference for people in financial distress.

Having come through to the other side has me even more passionate about that.

I know I said I didn't want our lives to be defined by foreclosure and that's part of the reason I "retired" LITTOF. But I see now that who we are today is so clearly defined by who we chose to be in the face of foreclosure. I think what I needed was just a long break. To just live. To have a baby and start a new blog and enjoy our new life on an island and gain some distance from the F-word.

I just really want to make a difference!
While responding to my friend in distress, I thought about the millions and millions of Americans in the same situation. I thought about the LITTOF readers that still sometimes e-mail me and ask for advice. And I just kept thinking about how I want to help. Somehow.

I know how easy it is to give into the despair. And I also know how important it is to rise above it. I don't have answers, but I do have a survivor's tale filled with inspiration. And by sharing that, by continuing to share that, I hope to spread some much needed hope.

Blogging with purpose
After retiring LITTOF, I started my new blog, Two Years on an Island. On that blog I wrote about life on a rural and very special island. Being pregnant. Giving birth. Mowing the lawn while seven months pregnant. That was a fun blog to write but ran its course when we moved from the island at the end of August.

Since then I've fiddled with the idea of starting another blog. Just to have a blog. But I don't want to blog just to blog. As a new mom who is still trying to be a playwright and non-fiction writer, I do not have that kind of time. If I'm going to blog, it must be with purpose.

So last week after getting the reality of the increasing scope of the foreclosure crisis and hearing how it's impacting someone I know, I finally got it.

If foreclosure insists on persisting, then I insist on loving. Or something like that.

Bottom line is, I'm not done yet.

All you need is love
This, in American history, is still the time of foreclosure and love is exactly what we need.

The title of this blog came from our personal story. How we managed to be more in love than ever before in the face of foreclosure. How our marriage benefited by how we approached our financial crisis.

But now I see the title as something beyond that. Actually, Bob helped me see it that way. When I told him that I was going to start blogging again at LITTOF and why, he totally got it. And he said:

"Now you can give love to others in foreclosure."

So that's what this is about. Putting love out there in the world via a little blog. Blog post by blog post, that is my intention.

As I said, I don't have answers.

I have only our experience.

And our commitment: to rise above our financial distress. And love above all else. Love as an action. As a commitment. As a way of being.

One last note. The tag line of this blog still applies.

"TWO PEOPLE DEEP IN DEBT, WORKING OUR WAY OUT AND HAPPIER THAN WE EVER HAVE BEEN."

Yes, we are still deep in debt.

Yes, we declared bankruptcy. But the "Big B" doesn't wipe out IRS debts or student loans.

So I will be sharing about that. About what we're doing to get out of debt. I'll share about parenthood through this lens. I will write about our experience in our third home in less than two years. And pretty much whatever else is on my mind. If you've been a follower of this blog, then you know what to expect.

What do I expect from you? Nothing. No expectations.

What would I like? Well, for you to share. Write to me. Ask me your questions, share your stories. Share this blog with someone who is facing foreclosure or worried about ending up there one day. I need your help to spread the love.

You can write me here: loveinthetimeofforeclosure@gmail.com

What do I intend? To make a difference. To provide a little inspiration. A little light in the darkness. Maybe even some humor. But most of all I want to get you to believe that it is possible to be happy, in fact happier than ever, even in the face of foreclosure.

Love,

Steph

LITTOF November highlights

Pablo lounging on the $50 sofa in his bumble bee sweater. What? It's cold here!

I just realized we're half way through November! Unbelievable! And Bob's birthday is only fifteen days away.

We've been very busy on the island the first half of November and I've been doing my best to document each step along the way over at ChicagoNow. In case you missed anything, here are links to some of the posts from November.... (just click on the title to check them out.)

The significance of 21 days - They say it takes 21 days to adjust to a major life change. How are we doing on day 21 on the island?

The strangest house I've ever seen - Real Estate Mom takes us inside, well, the strangest house she's ever seen. Hidden staircase, anyone? Underground bunker?

How to get the stuff you need for free - Read all about the Great Island Giveaway Event!

This old couch - Meet Bob's new best friend. The couch. The ugly floral couch he refers to as "Eight and a half feet of glory."

Day 4 on the island: Where are the whales - Read about our 4th day on the island and our move into the main house.

Happy mid-November, everyone! And thanks for reading!

How to win a price war & a beauty contest

Today is Wednesday... you know what that means, right? Every Wednesday at "Love in the Time of Foreclosure" is a new & insightful post by The Real Estate Mom. That's MY mom. Pam.

Today she shares her insight on how to sell a home in this crazy, low-down real estate market. Part 1 is all about pricing it right. How do you do that?

Well, you're gonna have to read her new post to find out!

Don't forget... the blog has moved. We're here now. Where? Here. Bookmark it. Subscribe to the RSS feed.

Why aren't ALL my posts there? Because we're having some technical difficulties with the transition. We're working on it! In the meantime, if you want to browse back to the beginning of LITTOF, you actually do that right here. Just for now.

Have I thoroughly confused you? I'm sorry. I know. Thank you so much for sticking with me through this transition, though! Really. Thank you!

How To Know When To Remodel Or Buy New: Real Estate Mom answers a reader question

Good morning, LITTOF Readers!

It’s Wednesday and you know what that means...

Words of Wisdom from the Real Estate Mom!

Today I’ll answer one of the wonderful questions I’ve received from a reader.

Gabrielle asks:

“How do you know when it's smarter to buy another house vs. fixing up or remodeling what you've got?”

Remodeling can be a pain. Your house is in disarray, you’re doing the dishes in the bathtub while the kitchen is destroyed, you have to go to Wendy’s to go to the bathroom, you can’t find your socks, the wallboard dust has seeped in between the pages of all your books, and there’s no place to sit down let alone have anyone over for a nice cup of tea, the contractor has just yelled “Uh oh!” for the fourth time today as he discovers the plumbing isn’t connected to the sewer and it’ll be $5,000 more to fix the problem, and you know all the contractors better than family members because they’ve “lived” with you for so long! Well, you get the drift.

However if you LOVE your home and your location, if you have an artistic flair and want to create your own space, if buying another home in your area with the amenities you're seeking is not a reality, if your remodel would not put your home out of the price range of the other homes on the block, and if you have a high tolerance for pain, then remodeling may be for you.

If you do opt for the remodel make sure to budget 20% above the quoted costs for over runs. Take a page from Steph and Bob’s book. Their remodel cost them all of their cash reserves and then some and the project took twice as long as they anticipated. The results were beautiful and the area they lived in could normally support a home of greater value just not in this market.

My advice- and remember this is coming from a die hard remodeler- in today’s world it is probably cheaper and smarter to buy rather than remodel. Now this is just MY opinion but here’s why I say this. Money is cheap right now to buy a home. If you have good credit you CAN get a mortgage at 5.3% 30-year-fixed rated with no points. The market nationally has adjusted downward about 20% making wonderful homes available for about what you would have paid for them in 2000. You may be able to move up to an area that was out of reach before. There are many short sales and foreclosures out there that are great opportunities if you have patience (waiting for the bank's approval) and are willing to buy a home without any warranties. Your costs in moving are a known while the remodel holds many surprises. I remember reading an article that said most people who remodel move within 5 years of that remodel, because the project didn’t meet all their needs.

But do remember, your current home has to be priced realistically for the market today. If you bought your home between 2004-2007 you probably paid top dollar for it. In order for a home to sell today it must be priced competitively AND in perfect condition. We’re calling the current market a “Price War and a Beauty contest” but that’s another post.

I suggest having three Realtors do a Comparative Market Analysis (CMA) on your house that will give you an idea of value in today’s market. At the same time, describe to the Realtor you chose, what you’re looking for in your next home so they can send you listings of what’s available. You can also go on Realtor.com (the site of the National Association of Realtors) Zillow, etc and look at available listings in your area yourself.

Hope that answers your question, Gabrielle. Please keep the questions coming, and I’ll do my best to get the answers to you.

On another note, I just want to say that I'm getting so much from reading the comments on Steph's last post - B is for...- about Bankruptcy. Thank you for the thoughtfulness in your comments and the great tips about what works for you in budgeting and managing your finances!

Until next Wednesday,

Pam- The Real Estate Mom

P.S. Make it a great day (my dad's favorite saying that I'm adopting)!

Photo Credit: Bob took this picture of their kitchen during the remodel. Needless to say, they used their microwave A LOT!

Just when you think it's safe to open the mail...

TWO DAYS AGO we received a piece of mail that made our hearts sink into our stomachs. Why? It was from ReconTrust. Remember them? They're the ones that sent us a million foreclosure notices. Here.

First of all, what kind of name is that? ReconTrust? Really? It's suspicious to begin with. It sort of sounds like "We can trust" which makes me think, "No. No, no. We cannot trust ReconTrust." Or reconnaissance. Which is "a military term denoting the exploration used to gain information." So that makes me think we're being spied on by a company that feels the need to put the word 'trust' in their name.

But seriously, what is the origin of this name?

Perhaps it comes from the FDIC's "Regional Economic Conditions" (RECON). But that doesn't quite fit.

Well, regardless the name alone still incites shivers, stomach flip flops and light-headedness. So what was it this time?

It was an official notarized document called SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE.

Huh?

Here. This:

Ah, yes... the Substitution of Trustee and Full Reconveyance. Of course. Not really. We had no idea what this was. But we assumed it meant bad news. Because anything from ReconTrust has been bad news. Does this mean that National City is coming after us?

Well, hang on. Let's break this down. According to Websters online dictionary, the word 'reconvey' is a transitive verb that means:

1. To transfer back to a former owner; as, to reconvey an estate.

Oh. Well, that sounds... like good news. Right? Perhaps? I mean, we wouldn't have been able to have sold the house had their still been a lien. So this is really just a formality, it seems.

I visit ReconTrust's FAQ page to learn this:

What is a Lien Release?

When a home loan is paid off, a Lien Release is recorded with the county. A lien release document transfers title from a trustee or beneficiary (e.g., the lender) to the equitable owner (e.g., the borrower) of the real estate when the debt is satisfied (or paid off) under the terms of a deed of trust or mortgage. Every state uses a different name for the Lien Release Document, e.g., Satisfaction, Release, Discharge, or Substitution of Trustee and Full Reconveyance. No matter what it’s called, the lien release document has the same purpose: to release the lien of public record.

So, it is good news I suppose. It is a lien release document. But seriously, every state has a different name for it? Why? To keep us on our toes?

Does this mean that National City isn't going to try to collect on the difference? That the debt is satisfied? I don't know. We were told that they are waiting up to three years after a short sale to go after the difference. But that's another story.

For now, we'd just be happy to never receive another piece of mail from ReconTrust ever again. Let's hope this is the last.

I like happy mail. What about you? What is the best piece of mail you've received lately?

Wednesday Wisdom from "The Real Estate Mom"

It's Wednesday! You know what that means? It's time for a little wisdom from my mom... otherwise known as "The Real Estate Mom."

Hi, LITTOF readers. I’m Pam Weinert, Steph's mom and, as Steph has mentioned in many of her posts, a Realtor here in Chicagoland. I’ll be posting every Wednesday on topics as they relate to Love In The Time Of Foreclosure, and I’ll answer any questions you may have relating to real estate, foreclosure etc.

One of the biggest frustrations for me has been watching my kids go through this financial meltdown, slipping, slipping like a drunk sliding down a wall, and not be able to do anything about it. Sure, I’ve dealt with foreclosures and short sales, I’ve even taken the big Kahuna class in distressed properties through the CDPE (Certified Distressed Properties Institute) and I’m now certified in handling distressed properties. But, like anything, when it happens to someone close to you, it becomes gut wrenching personal, like a sick doctor trying to heal herself.

Steph and Bob’s purchase of Silver Ridge was partly because of my coaching. They doubled their money on their condo and I always said “There’s no better investment in the world than real estate”. I can hear those words coming out of my mouth. I said them to whomever would listen, I believed them, lived them, and I practiced what I preached.

For almost 30 years I’ve been a Realtor helping people buy and sell their most valued possessions, their homes. My husband, Tom and I bought and sold 12 homes. We have had rental properties, and we even rehabbed an old boat. Real estate investing was Tom’s full time job.

Twenty five year’s ago, when I was a single Mom, I bought two houses, rehabbed them and sold them for a profit. The first one was a huge, crazy project. I had way more enthusiasm than money or skill. The house was a 100 year old Victorian home that had been neglected. It was one of three Victorians a father built for his three daughters so they could live close to each other. I liked to think that our house was the house of the “individualist’ because our turret was round while the other two were square.

The Victorian today.

Stephie and my son Tommy tell me one of their first memories is coming home from grade school and rather than being given warm chocolate chip cookies fresh from the oven, I handed them each a paint scraper, some sand paper, and a fruit roll up and we got busy with the work of rehabbing. We stripped old wood, removed wallpaper, and pulled up flooring. We were so excited one day to find beautiful maple floors under cracked and ugly red and black linoleum. As I learned, they learned, and our lesson was your home is a sanctuary to be nurtured and loved. It should reflect who you are. It should be a place you share with your friends, and it will always be a great investment.

So Steph came by her real estate investment savvy honestly. Bob, right off the condo doubling experience, was enthused. So, when the Silver Ridge home came on the market at a drastically reduced price, they asked my opinion and I said, “as long as you can afford it, go for it.” Who knew the real estate bubble was about to burst? I didn’t. When the downward slide began I advised them to list their house immediately. I thought it would sell fast and they could salvage something. And the rest is history.

Yes, mistakes were made, but as in any crisis, lessons were also learned.

I learned that my kids have tremendous resilience. I learned that having a home has nothing to do with bricks and mortar. I learned to ask very tough questions of my clients. “Is your mortgage current or have you missed any payments? Sounds pushy doesn’t it? Well, the reality is that 80% of people who are in jeopardy of losing their homes never talk to their lenders or ANYONE! They’re in denial, depressed, embarrassed etc. As a Realtor I want to give them a safe place to unburden themselves so I can help them. I’ve also learned that real estate is only a good investment if you can truly afford a property, and if it’s a really good buy.

Do I still believe in real estate? Do I still like being a Realtor? Yes. Now, more than ever, because people need good Realtors who are educated, and who really care about them. Do I still believe real estate is a good investment? I do. There are some great opportunities out there in realestateland. There is cheap money to borrow, if you qualify, and wonderful plans for first time home buyers. So, yes, I still believe. But as the old song says “Money can’t buy you love” and neither can owning a home. You have to find love and happiness on your own, even in the time of foreclosure.

This is a picture of the house we moved to from the Victorian (only a block away.) We rehabbed this one too- and installed that beautiful stained glass window you see in the photo that I found from an old church.

Cruising the Waterways - Pam & Tom's blog about their year on the boat

Speaking of Structure...

In my last post I mentioned that for me structure allows for more freedom. I have certainly been lacking structure since we've been crashing with my family. I've felt a lot lost without it and have committed to have August be all about the structure of my life.

Guess what? That also applies to the blog. Yep. LITTOF has lacked structure. I've been posting when I feel like I have something to say, rather than sticking to a structure and just writing what is there for me in that moment. I've always worked better on a deadline. So here we go.

At the minimum, there will be new LITTOF posts on Mondays, Wednesdays & Fridays.

MONDAYS will be open-ended. I will be writing about whatever is there for me/us. Like always.

WEDNESDAYS will be regular posts from my mom, the Realtor. We're not sure what we'll be calling her guest blogs. Perhaps simply "Mom the Realtor." Mom will be writing from her perspective as a Mom and as a Realtor. As a mom/Realtor who watched her daughter lose her house. As a Realtor for 30 some years who is constantly re-inventing herself. So... here's where we need some input.

WHAT would you like to hear from my mom? What kind of questions do you have for her? Either post them in the comment section or please e-mail them to: loveinthetimeofforeclosure@gmail.com

FRIDAYS will be dedicated to links and stories around the web related to LOVE & FORECLOSURE... pretty broad topics, actually. It's an effort to share my research and stories/websites/blogs I find interesting.

So that's the minimum. I'm committed to continuing to write as honestly as I have been about our situation. We continue to be on a roller coaster ride. Thankfully there is now a light at the end of the tunnel. The island. And... that is a happy ending.

Which leads me to the final note. "A Foreclosure with a Happy Ending" is a story that Dennis Rodkin from Chicago Magazine's "Deal Estate" blog has written about us. It's up on their site today. You can see it here.

Okay. Please let us know what you'd like to hear from my mom in her new weekly guest posts. And as always, send me your questions/thoughts/suggestions.

How have you found freedom in structure?