Tuesday, May 19, 2009

Can debtors be sucess makers?

Let's look at 'underwater debtors' who have lost all their hope for any solution to pay their debts. Is it really true?

Here are some points to discuss in the 'dispute', described in this article:


No one said that the borrowers will not find any solution to their problems. If so, statements should be verified and confronted with other independent sources, otherwise it's subjective judgement.

No one said that 100% of them, being in a particular situation, should be classified in the same way. Every case is different and there are different ways to find the win-win solution and successful negotiations. If sb states his/her option is absolute - it is subjective attitude as everything is relevant.

No one mentioned at least once that some borrowers really want to cooperate with their creditors and present procactive attitude.

Both millionaires and ordinary employees can struggle, yet how it has happened that they are struggling now is also important.

Borrowers have different types of debts - credit cards consolidated with the mortgage and mortgages only are something different.

Some of those debts are more disasterous... when they kill liquidity because of inerests but don't repay any fixed liabilities.

Some debtors have had savings before struggling.. others have always lived on credit.

Thus how many borrowers can succeed is a matter of some dispute, with the answer depending on the debtors' determination to handle the issue of home values and mortgage debt outstanding... which can include other, consolidated loans. Without thorough and reliable analysis, variations in home-price estimates do not make a major difference in the number of borrowers who are looking for solution desperately. In addition, borrowers who are already in the foreclosure process can succeed not to be counted as desperate strugglers if the title to their property hasn't changed hands.

Positive attitude, determination, creativity and persistance of desperately struggling debtors and their flexibility of cooperation with their environment can change their situation for better. On the other hand, positive climate around the subject and openess to the ideas coming up will improve the situation. Even one small step makes difference, more favourable than the increasing the number of 'underwater debtors'. And this step includes more positive and proactive vocabulary in the media, even describing negative news.

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