High Price of Foreclosure: Your Marriage

05/ 2/2012
Anna Cuevas

Excerpt:
Which comes first, divorce or foreclosure? There is no particular order. A foreclosure could be the final straw in an unstable relationship, or a divorce and the ultimate lack of financial support could create financial distress. Either way, the statistics in the state of Nevada appear to show some correlation between foreclosures and divorce. It does not have to be that way if you both understand upfront what the process entails and make a plan together to fight for your dreams. You must also remember to take some time to enrich your marriage while navigating the frustrating white waters of the loan modification process. You may end up with both your home and a stronger marriage if you keep the lines of communication open and free of blame and hostility toward each other in the process. While it is difficult because of the high frustration involved in the process, it is vital to your health and relationship to keep a positive outlook.

Homeowners may be able to prevent foreclosure by renting a room, getting a second job, or by removing other debt. They also might qualify for a reduction in their mortgage principal, refinancing, or a loan modification based on their current situation.

Homeowners who are faced with foreclosure can save their marriage by becoming empowered with the right knowledge about foreclosure, the loan modification process, refinancing, and other alternatives and remaining positive and working as a team as they act as their own best advocates. Having a positive outlook, goals, and making plans for the future help to relieve the stress that comes with foreclosure, as does remaining committed to the family unit and its future by working together to change their current situation.

It is easy to spiral down in your relationship when facing a financial crisis, but it doesn't have to be that way if your keep your priorities in the right order. the rest