- The mortgage payments on their home eat up fifty percent or more of their income.
- They’re struggling now, and the mortgage will reset soon.
- Attempts to modify the mortgage are fruitless.
- They expect a foreclosure notice any day.
Yet despite the pain and the roadblocks, these clients express reluctance to move because of the impact on their children.>
It’s our home, they intone.
It’s as though there can be only ONE home, and it’s this piece of real estate.
They imagine that moving will scar the kids and render them insecure and vulnerable.
Leaving a home that offers nothing but debt nonetheless seems to be a horrendous and overwhelming prospect.
More than their stressed-out selves can manage.
Moving away from bad mortgage
That’s the parade of horrors that march through the minds of those facing decisions about a bad housing situation.
I got a peek at the actual impact of moving from a former client last week: sheer and utter delight!
The two children, middle school and high school, were happy, making friends, and making grades.
The family had rented spacious and fresh housing in a lower cost community at less than 25% of the mortgage on the over encumbered house here.
The family income covered their living expenses and they were able to make provision for some savings.
Stresses were less, family life was satisfying and the future looked better.
And the house they walked from still sits here, empty and the loan unmodified.
A rewarding home life turned out to be unrelated to living in the earlier house.
Home is wherever you are, not a piece of real estate.
* I write about walking away too.
Image courtesy of Irene Nobrega & Flickr