How Some Homeowners that Lost Property have Reinvented Themselves

The recent US economy mortgage crisis, which began in 2007, caused and continues to cause a lot of grief to people in the US to date. The cumulative devaluation of homes in the U.S has hit about 6.3 trillion Dollars since 2007 and continues to rise. During this period about 5 million homes have been lost to the crisis; making this the worst financial downturn since the great depression in the 1930s.

This crisis was caused by a lopsided financial borrowing model that led many Americans to borrow beyond their means; with the speculative belief that their home prices would go up.  Too bad, many people were relying on greed and bending the banking policy to try and make a killing.

Reassuringly so many property owners that lost their properties have picked themselves up, dusted their clothes and are going about their lives with the aim of getting back on their feet and owning homes again.  Some of them have even become advisers to property owners that are still deeply entrenched in the mud, trying to save their homes

A few victims have gone as far as registering companies and formally entering the property foreclosures market with the aim of offering genuine and understanding support to other property foreclosure sufferers who need a lot of help to cope with their misfortune.

One factor that qualifies them is their sound understanding of property foreclosure procedures based on their experiences. Some of them are actually far more knowledgeable than many mortgage lenders and realtors out there. Unfortunately most of the advice or help they are offering victims of the foreclosure crises is not formally recognized because they do not have licenses.  However, authorities are not so strict on this otherwise it would be a little inhuman to prevent people from helping each other; more so during such times of need, when any type of help is often welcome even from people that are not qualified to help.

Another factor that makes foreclosure victims good advisers to those facing possible foreclosure is the fact that they are able to emotionally connect with distressed homeowners. Facing the prospect of living in the streets can be an overwhelming experience. There is often a lot of emotional instability during such stressful periods and treating such an individuals like any normal person can be a bit insensitive.

The crisis has also brought about another angle to it and that is the opportunities for investors to buy foreclosure properties at good bargain prices. It here that people that lost their properties are also recouping back some of the money that they lost. They have become advisers to investors due to the simple reason that they do know the process of acquiring  foreclosure properties that have already been cleared for sale and are on sites that have foreclosure listings. In criminal law, suspects are often gauged on whether they had the motive to commit the crime or not. In the case of investors in foreclosure properties, former home owners provide the best information on property prices, property law and contacts.  These are some of the ways victims of this unfortunate crisis are doing to coping with life after loosing their homes.