Know when to walk away

Book Review
Title: "The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket"
Author: Stephen Elias
Publisher: Nolo Press, September 2009; 320 pages; $15.49.

I'm well aware that the majority of economists have long declared the recession over. But I also work with buyers, sellers and owners every single day, and the majority of real people are not feeling like they're out of the woods yet.

Many people who obtained and lived up to trial modification agreements under the Home Affordable Modification Program are getting word that their bank will not make the reduced payment permanent, and are feeling like it's Groundhog's Day – going through the déjà vu of foreclosure threats that they thought they were done with months ago.

In the mindset management work I've done with homeowners throughout this housing crisis, I've coached them to rethink foreclosure – from "the worst thing that could ever happen" to them to a not fun (but not fatal) legal proceeding, like a divorce from their home and lender that can be either healed or survived.

The best resources on the market for consumers going through legal proceedings who want to do some savvy self-help come from Nolo Press. So, it's really no surprise that "The Foreclosure Survival Guide" by attorney Stephen Elias is so demystifying, accessible and up to date.

Elias' approach is uber-reality based. He offers readers a very clear understanding of the foreclosure process, including all the stops along the way where you can exercise your legal rights as a homeowner in foreclosure or a bankruptcy debtor to delay or avoid foreclosure, attempt to have your loan modified, complete a short sale and/or obtain some monetary assistance from your lender with your move.

Along the way, he offers a number of concise, dilemma-resolving decision-making guides highlighting the desirability of these various courses of action (or lack thereof) for readers dealing with a variety of personal and financial situations.

For example, distressed homeowners might find the section on whether you can keep your house -- and how that is different from whether you should keep your house -- to be useful and allow them to make a decision that makes sense for their personal situation. ...CONTINUED

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