Hello! Today's post is from Alaya and what she learned from experiencing a short sale. Alaya is the blogger behind Hope+Cents. After dumping her own debt, she has become passionate about helping others do the same and shares tips, encouragement, and hope for those looking to take control of their finances.
Over nine million Americans lost their homes between 2006 and 2014 to a short sale or foreclosure during and after the housing crisis, according to the Wall Street Journal. I have the dubious honor of being a part of that group.
My family and I purchased a home in 2006 at the height of the housing bubble. In 2012, as a result of a job loss that led to employment in a new state, we needed to sell our home. Because we owed more money on our mortgage than our home was worth, we chose to do a short sale.
Losing or giving up your home is a tough pill to swallow. Home ownership is after all “the American Dream,” and when it doesn’t go quite as planned you can kind of feel like you failed. When it comes to dealing with our mistakes and failures, we have two choices: we can wallow in them, or we can learn from them. I have chosen to learn from the mistakes that led to my short sale (after maybe just a little wallowing).
Related blog posts:
- 30+ Ways to Save Thousands of Dollars Each Month
- Can You Remove PMI From Your Mortgage?
- How To Avoid Being House Poor
- 8 Things To Sell To Make Money
These lessons can be applied to making any significant financial decision. Here are seven lessons I learned from my short sale. [Read more…]