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There’s always something to howl about

Life after foreclosure: Cultivate indifference and press on regardless.

We just lost our house to foreclosure. Negotiations with the bank fell apart and we spent the last seven days bugging out. This was our third Notice of Trustee’s Sale. We had managed to redeem the note twice before, and we thought for sure we could thread the needle a third time. No joy. We didn’t know until yesterday morning that the bank had actually foreclosed, but we had to operate on the assumption that we could lose our pets and our personal property without notice.

That’s bad, but it’s not the end of the world. We are solvent even if we are not terribly liquid just now. We have business assets, art and artifacts and intellectual property, all of which we were able to conserve by acting quickly. Was I the bank, I would have hung in there for another month or two, taking account that we live on a cash-flow roller coaster and that we had managed to cling to the home twice before.

Over the past three months, we have cut our monthly nut by two-thirds, so we are well-situated to weather the economy we are living in. Had we done this seven years ago, things might be different, but we live with the consequences of our choices. We loved our home and we are sorry to have lost it, and sorry, too, to have defaulted on our promise to the bank, but life is suddenly a lot more joyous without that anchor around our necks.

Our real estate business is secure and solvent. All of the rental properties we manage are leased to solid, performing tenants, and our corporate bank accounts are all in good order. Our personal finances might be chaotic — this for many years, alas — but this has had no impact on the funds we hold in trust for our landlords and tenants.

And our marriage is stronger than it has ever been — literally as the consequence of these events. Cathleen had some teary moments, because we loved the El Caminito house, and because we spent many happy, loving years there, minus a few rough spots. But I’m happy with everything, so far, most especially with our marriage. It is the shared commitment to overcoming adversity that makes families, and we have lived through a lot of commitment in the past week.

All of this is offered up as news: This is what is going on with us. We are living out of boxes in our new abode, but the office is up and running, with me keeping the paperwork flowing while Cathleen stages and lists a home for sale today. We’re running behind, obviously, but we are catching up with alacrity. In a week’s time, all of these events won’t amount to a speed-bump on a sleepy side-street.

We are hale, well and happy — and so should you be. FannieMae is taking another hit, but that seems to be what they’re good at. Meanwhile, we pick ourselves up, dust ourselves off — and press on regardless. We have each other, and everything else is just so much stuff.

Best,

Greg Swann
September 13, 2012

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