Hope For Those Who Are Considering Writing Their Own Note

Here is a link to a thread on reddit.com: Note left at foreclosed home. (WARNING: this website has harsh and potentially offensive language including unnecessary sexual references.)

Over the last few weeks, I consulted with a few clients with situations that remind me of this thread.

I cannot say I agree with everything in the thread. I can say, however, that I agree with a some of the sentiments. So many worked hard their entire lives only to lose most of what they view as a large part of their retirement: equity in their home. People dutifully made their payments, repaired their homes, and cared for those four walls. Then only lose it when the economy turned and there was no way to save the value or continue to make payments. A story I have seen over and again.

I am not sure the lesson to be learned. Is it that we should diversify our investments? Should we rent instead of own? I cannot answer that kind of inquiry.

This runs deeper than equity.

I was touched by the following comment:

“I didn’t get a photo of the worst one I ever saw. It was height markings on a door frame. 2 or 3 kids. Names and dates all up and down the one side. Easily from birth to maybe 7 or 8. Big dark mark across the top saying “Lost Our Home.”

The symbolism of this statement is piercing. What I mean is beginning at the bottom of the door – it is about growth and being a kid; being excited to being as tall as your siblings or parent. Then the final measurement was not signified with a name but a moment that would change the experience of that child. I often say to my kids, “this song was popular when I was in eighth grade.” I then tell them the same stories over and again about its meaning to the world and my importance in connection to the song.

When these children grow up they will have similar thoughts, but how will they characterize it? Will the foreclosure be mentioned? I don’t know the answer to that question, but most of the time, parents protect their kids from something that may cause insecurity. So they will probably tell similar stories to connect with their children. The child who’s height was lost with the foreclosure, who is now the parent, will remember a totally different dimension to Coldplay’s “Fix You” than just radio play time.

As I said in the begining, I am offering hope for the person who is considering penning their own note. Though bankruptcy does not cure every problem; it may have saved this home. There are options. The important factor to remember, is to remember, that if you are within the rules of bankruptcy, lenders have to comply and it is involuntary for creditors.

As a bankruptcy lawyer, we are here to help you look at more than just your financial situation. We are here to help you make a decision that has an affect on your relationships, address, and quality of life. Please give us a call to see what we can do to assist your situation. Most important, we understand.

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