Once it appears that foreclosure is inevitable, many people pack up their belongings and their families and immediately look for a new place to live. They fear losing reliable shelter and want to find another home as soon as possible where they will feel secure. Staying in a house facing foreclosure can be terrifying if you think you might end up out on the street. And it may be unbearably depressing if you are reminded every day that you won’t be living there indefinitely.
While these reactions to foreclosure certainly are understandable, foreclosure can actually be a time of opportunity. You will have enough time to find a new place to live. Meanwhile, it may prove to be a big financial advantage to stay put for a while—maybe a long while.
So try to put fear and negativity aside as you assess your options to come up with the best choice for your circumstances.