What To Do

If You Can't Pay Your Mortgage

These are very difficult times we live in.  From the cradle, our society encourage us to "take risks", to "step out of our comfort zone", to engage in the almost sacred practice of trying to make as much money as possible, that if we all did that, our efforts would make activity and jobs for everyone.  We were told that anything and, more importantly, EVERYTHING was possible in America.

We were encouraged to ignore the fact that greater returns are made available only in return for greater risks.  We were encouraged to ignore the fact that when you go bull-fighting, sometimes the bull wins.  Sometimes the risk, not the reward, materializes.  Wow.  We know that now, don't we.

The most important thing for us to say to you at first is this:  Don't beat yourself up about this.  We all know that emotions such as anger have no business in a financial transaction.  We know it is inappropriate to walk into a business meeting and begin yelling.  Well, NO emotion is EVER appropriate in a financial transaction and self-criticism is an emotion.  There is absolutely nothing to be gained by being hard on yourself, or by thinking you are not smart or by wanting to turn the clock back.  REMEMBER:  Alan Greenspan failed to predict this downturn.  Merrill Lynch missed it.  Washington Mutual, Countrywide, Wachovia and hundreds of others bet that it wouldn't happen.  Is it logical to expect that you would be smarter or able to discern the future any better than the greatest minds of our country or the captains of industry?

Having said all that, let's talk for a moment about our options for dealing with this unfortuntate situation.