Are you telling family/friends about your foreclosure?

[bulletproof77]

Hell...I went and TOLD my neighbors what was going on...And just a quick update on Southern California real estate. As of 08/16/09: My home (going back to the bank) formerly valued at 455K (09/07) is now being auctioned at a starting price of $70K...Houses on both sides of me (East and West neighbors) foreclosed (in excellent shape, NONE including mine, trashed) one auctioned for 32,500...second neighbor for 52K...all sold. So I think I made a good business decision when I walked owing 210K..Sure...am I sad ? Of course...am I ashamed ? Not at all....Business is business and when the numbers don't "add up"...it's time to walk. Why are we worried about what OTHER people think ? If it's good enough for big business to "walk"...why should I be concerned about what others think ??

[HakunaMatata]

I've told my family, friends, and closest neighbors (and I'll gladly tell anyone who inquires). This IS business (and, for me, it comes with a big dose of sanity!). I initially struggled with the decision to let my house go. This wasn't sentimental as it is for so many. Instead, it was moral. I was bit fearful of sharing my foreclosure contemplation with my saved-every-penny-since-the-Great Depression grandmother. To my surprise and without remote hesitation, she firmly instructed me to pursue foreclosure. She explained I needed to move forward and this was a solid opportunity for such.

My neighbors, friends, and family understand. In fact, many have expressed feelings of envy. The economy and real estate market are uncomfortable for many of us...those staying and those moving on. At times, I feel badly my foreclosure will contribute to reduced home values in my neighborhood. When this occurs, I simply remind myself that I didn't create this mess, I played by the rules, and I will be so much better off without the burden of this house and mortgage.