Center for Financial Resources
Finding a Forever Home After Financial Loss
The home-buying process is full of emotion, from excitement to stress, from falling in love with a home to second-guessing it entirely. However, the gravity of this decision is even more profound for families like Shanna’s, who aren’t just seeking a house— they’re aiming to reestablish a home they once lost.
During the peak of the 2008 recession, Shanna and her husband were forced to declare bankruptcy. They had endured a marital separation, accumulated significant debt from their rental property, and struggled to turn a profit on their real estate investments. In the end, they lost both their investment properties and their family home.
“We had our family intact. Nothing else really mattered,” said Shanna. “We found a place to raise our family and we’d been perfectly content renting up until these last few years.”
Once the kids were on their own, Shanna and her husband began to yearn for a place to call their own. They saved diligently before embarking on the journey of homeownership.
“My husband is 55, and I’m 52. At this point in our lives, we feel a sense of urgency. The housing market isn’t favorable for buyers, interest rates are high, and we don’t have 30 years to pay down a mortgage. It’s much harder now, and we’re essentially starting over.”
The couple met with a bank to work out a plan and finalize their financing. Since it had been 15 years, Shanna and her husband qualified as first-time homebuyers, which required them to complete a Homebuyer Education class offered through the LSS Center for Financial Resources.
“Since we’d purchased a home before, I wouldn’t have even thought about attending.”
The first thing Shanna and her husband noticed was how approachable the class felt. Laura, the class facilitator, carried an ease that made the process feel straightforward. “It was common sense and easy to follow, and she explained things clearly,” said Shanna.
The class covered topics ranging from credit history to home inspections to navigating the offer process. “It also gave us a better perspective on the closing process and what to look for in the paperwork. It felt empowering.”
Shanna didn’t anticipate the flood of emotions that resurfaced the day they made the offer on the home, she explained. “There was a level of fear about entering a long-term financial commitment, especially knowing that many circumstances beyond our control could change everything. I had to be certain this was the right decision. Walking through those emotions is part of the redemptive full circle.”
That redemptive circle, as it happened, was made complete with a half dozen flower beds.
“There was something I don’t think I ever said out loud. It was tucked away in the corners of my mind, but I imagined how wonderful it would be to find a house with a perennial garden where someone had poured their love. A garden where I could pick up where she left off. And that’s exactly what happened.”
