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The Foreclosure Survival Guide is a thorough, easy-to-understand, and compassionate look at options for those facing foreclosure, and for the foreseeable future this resource will prove a valuable and vital guidebook for those homeowners affected by the foreclosure crisis.
This book is based on advice I've given to hundreds of people facing foreclosure. It directly reflects my 30 years of practicing bankruptcy law and my 25 years of writing law books for laypeople.
Over and over, I've seen people become terrified when foreclosure looms. They're afraid that they'll be without a roof over their heads and will never be able to own another home. Neither is true, and one of my main goals in this book is to reassure readers, just as I reassure my clients. I want to help readers deal with foreclosure and get past denial, panic, and shame. (I've found that clients faced with losing a house often go through all the classic stages of grieving, from denial to anger to eventual acceptance, just like people losing a loved one.) I remind them that despite what the housing and lending industries would have us believe, you can have a home without owning a house, and that not owning real estate does not make you a failure or shut you out of the "American dream."
I take readers by the hand and help them make the most important decision in all foreclosure situations: should they fight to keep the house or let it go? I help them answer key questions: Can they afford the house? Do they see it as an investment or a place to raise a family, apart from the house's value? If affordability is an issue, I outline steps they can take to make it more affordable.
I encourage all readers to talk to a free, nonprofit HUD-certified housing counselor to see whether they can get a better mortgage or lower payment from their lenders, which can greatly affect whether they choose to keep the house or leave it. And I explain the options for holding on to a house, from negotiating with the lender to fighting the foreclosure in court.
Unlike any other foreclosure book I'm aware of, I explain how bankruptcy can be a positive step towards keeping a house, and I show how it works in some detail. Also, I show how, if a homeowner decides to give up a house, the typically drawn-out foreclosure process can be their friend. It lets them keep living in their home payment-free for at least several months, and in many states a year or more. This gives them a chance to save money and come out of the foreclosure better able to start fresh. It also keeps houses from becoming vacant and blighted by disrepair, vandals, and thieves--benefitting the community (and even the foreclosing lender) as well as themselves.
In short, I wrote this book to help hardworking people all over the country who are like the folks who call me looking for help. Down on their luck in a tough economy, they are scared, embarrassed, and sometimes panicked. They deserve answers.
--Stephen Elias
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