The recent purge of sub-prime mortgages have left many in uncompromising positions were they can't afford their payments and are losing their houses or condos. The horror of losing your home you have worked so hard for and not knowing where you can live has to be the most devastating feeling in the world.
The aftermath of credit issues and potential bankruptcy continue to fuel anxiety and dread. Couple this with falling house prices have left people "upside down" on their mortgages wiping out their savings and leaving no financial security for the future.
What in the world can you do to relieve this constant pressure and embarrassment? As always, the regular four stool stress management approach is a steady stress reliever assuming you keep up the routine...exercise, eat right, mind/body relaxation exercises, and cognitive "re-thinking". Friends and neighbors are a big plus as you go through the wake of destruction. Local non-profit credit agencies can also help you sort out your finances and get you back on track. Believe it or not, try your local banker for guidance since the last thing they want is to take back your house and sell it on the court house steps.
Many of the fears are unfounded and a solid dose of reality thinking will help you calm down and adjust. Go to reliable sources for facts. Ask questions. Read as much as you can and find other people in the same situation and talk with them about what they are doing.
Many of these problems were created by greeding lenders trying to put people into loans they should have never assumed. Some are just bad mistakes by individuals stretching their finances to buy above their head. Whatever the reason, the stressful condition will still exist. The quicker you get out of the obligation and get back to a conservative financial position, the quicker you will start to feel more in control and have less stress.