Meet Derrek; when to walk away
This story isn’t an easy one. It’s about a man named Derrek, a veteran who served his country with pride, retired from the military, and later faced a painful divorce and the loss of his child.
When Derrek divorced, he lost the equity in his home but chose to stay after buying out his wife. After his son passed, he purchased a burial plot beside him, he didn’t want his son to be alone. His life had already seen enough heartache, and then financial strain followed.
Living on a military pension doesn’t leave much room when debt begins to build. Derrek had fallen behind on his bills and was placed in a private mortgage at 10.5%. At the time, it may have seemed like the only way to keep his home. But as property values shifted, things went sideways. A second mortgage was added to cover the burial plots.
Unfortunately, the broker who arranged the deal didn’t disclose the true property value to either the lender or Derrek. The home was worth less than $200,000, and yet there were more than $300,000 in debts and liens against the property.
When Derrek was referred to me, my advice was simple; but not easy. I told him to walk away. This may seem irresponsible to some, but when you have done everything right in the service to other and country, and its just not working, sometimes you are better to wipe the slate clean, and walk away.
In my entire career, I’ve only said that twice. Sometimes, doing everything possible to stay in a home isn’t the right choice. Sometimes, the most responsible thing you can do is to stop fighting for something that no longer serves you. Your home should be a place to feel safe and free, not tethered.
If you’re facing a situation like Derrek’s, or you know someone who is, and you’re not sure whether to keep holding on or let go, I invite you to reach out. I offer a place where you can share your story without judgment and find clarity on the next right step.
When you’ve spent your life doing everything right and it still isn’t working, it’s okay to say, enough.
