Obviously, the drawbacks of losing a home to foreclosure are much greater and more numerous than any benefits. However, homeowners may experience some positive aspects of facing foreclosure. A financial crisis which leads to the possible loss of one's property provides a number of opportunities for the foreclosure victims to learn important lessons about their current financial conditions and the future of their families' lives. Attempting to survive a foreclosure situation without being aware of these more positive aspects is overlooking the real lessons to be learned, even when homeowners are unable to find a way to stop foreclosure and keep their homes.

First of all, homeowners in foreclosure can begin saving money, whether they are able to get their mortgage back on track or not. They will, of course, not be making the mortgage payments any longer. In the midst of a financial hardship, it is questionable how much of the homeowners' monthly income is freed up by not sending in the mortgage payment, but usually this payment can take up to 55% of their income before taxes. If homeowners need that money to begin recovering from the crisis, and there is no possible way to pay the mortgage on time, then it is better to start saving as much of their income as possible and recover from the financial hardship. Borrowing more money from credit card or payday loans to make the payment will only increase the burden later on.

With the mortgage payment freed up, homeowners should begin saving as much as they can for two reasons. First, this money can be used to begin a repayment plan with the lender to get the mortgage current again. Once the homeowners are behind by several months, the bank will not accept the regular payment. They will require a significant portion of the arrears in order to work out any arrangement. The second reason to begin saving money is in the event the homeowners are unable to stop foreclosure. This new savings account will allow them to pay for the moving costs and the expenses in renting an apartment after foreclosure.

A further benefit of the foreclosure situation is the financial binds it places on the homeowners' ability to borrow money. With the devastating credit ramifications of foreclosure, it will be nearly impossible for homeowners to get a new credit card, car loan, or mortgage at a decent interest rate. This will force them to begin living within their means, not borrowing money to finance purchases of extravagant, unnecessary items. Homeowners will need to learn how to become more self-reliant, as opposed to credit-reliant. Distancing themselves from the lure of credit, while reestablishing an on-time credit history with low balance credit cards will allow homeowners to prevent falling into the credit trap when it is next offered.

Homeowners who have recently faced foreclosure and were unable to save their homes will also not have to worry about all of the responsibilities of home ownership. By renting a new place to live, the landlord will be responsible for major repairs or maintenance of the property. Often, it is a furnace that needs replacing or a roof that begins to lean that leads to the financial constraints that lead to foreclosure. By eliminating some of these potential pitfalls, homeowners can focus on their own savings plan and raising their families to a more stable financial condition.

Finally, losing a home to foreclosure is not the end of the world. In fact, deciding to sell the house or through a short sale, or giving it up through a deed in lieu of foreclosure and then moving out can open up new worlds to homeowners. A new neighborhood and a fresh start can and should be somewhat liberating to the previous foreclosure victims. The most stressful situation of their lives has now passed, and they can focus on building a stable, sustainable future. This possibility would not have prevented itself if the homeowners had continued struggling to make payments in the old house, living paycheck to paycheck and worrying about the next illness or layoff.

Thus, there are a number of benefits of foreclosure, and reasons to feel good about oneself, even if the home has been lost. While it is the objective of most homeowners to avoid foreclosure and get back on track with their mortgage, this does not always happen. And in the cases where foreclosure is unpreventable, homeowners need to begin looking for the silver lining and realize some of the new opportunities they will be able to take advantage of, now that the foreclosure is over. While foreclosure is always a negative situation almost by definition, the foreclosure victims' reactions to it can provide them with new hope and a positive course for their futures.

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