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The Real Price of Foreclosure

The Real Price of Foreclosure

These stories are the ones that hit us the hardest, in part because they can be prevented.

Carlene Balderrama faxed her mortgage company a letter stating that by the time they came to foreclose on her home, she would be dead. Seeing no way out of her predicament, he took her own life just hours before the auction of her home was to begin.

When her husband and son arrived, they were given a note Carlene left, which told them to use the life insurance to pay for the house. John Balderrama, Carlene’s widow, had no idea their house was about to be foreclosed. Carlene hadn’t paid the mortgage in 42 months. In her letter she admitted to feeling alone, that she didn’t have anyone to talk to. John said he didn’t understand why she hadn’t come to him.

 Carlene’s sacrifice may be in vain, as most life insurance companies do not pay out in these cases. Our condolences go out to John and his son for the tough times they’re enduring.

We truly hope that no one feels the sort of desperation that results in rash action. If you're feeling desperate as foreclosure looms or as your debt grows, please know that you are not alone! If you're in a situation like Carlene's, talk to your spouse. Find debt help wherever you can. And know that this community is here for you too! It may seem very dark, but there is hope. Please share your stories here, so that others might know they are not alone too. [USA Today]

Posted: 7/24/08