A family losing their home to foreclosures can be totally overwhelmed, not only physically and materially, but also mentally and psychologically. This makes it more devastating than a fire or a natural calamity. The following describes why this is so and why it is important to stop foreclosures now.
- Unlike a fire which can occur by accident, a foreclosure can take months to progress and can be prevented if proper actions are taken. This is why people blame themselves when they failed to stop foreclosures. This can also lead to marital problems and eventual breakups.
- Fires have insurance coverage and so do flood. Foreclosures do not.
- A home that is gutted by fire or submerged by a flood can be recovered and rebuilt in the same location. A family losing their home has next to impossible chances of building a new home in the same community.
- A fire-destroyed home in the papers evokes sympathy from readers. A foreclosure listed in a paper or the town hall can bring much shame.
- Neighbors flock to help families with homes destroyed by fires or flood. Families trying to stop foreclosures do not receive the same treatment.
- Charitable organizations, government agencies, and non-profits have ready funds to help calamity victims. Families trying to stop home foreclosures do not receive the same help, except for free consultations and guidance.
- Some families have contingency funds in case of calamities. A family facing foreclosure has likely depleted these funds in the process.
- A family losing their homes to foreclosures may already have used up any financial aid that they can receive from friends and relatives.
- Victims of fires or floods and other calamities have several support groups who they can turn to after a disaster. Foreclosed families are out there on their own.
- Foreclosures can have a significant effect in your credit record which can haunt you and limit your credit ability in years to come.