Can’t remember if I’ve posted this elsewhere, but it seems relevant to your question. All my life I always felt guilty about everything, not just things you should feel guilty about, I mean everything. Just living sometimes made me feel guilty. It was very overpowering sometimes, especially when I was stressed or anxious, I called it ‘extreme guilt’. It was always there in some form for as long as I can remember. Last year, when I started to uncover memories of my life in the Great War, I found in that life I had survived for many years afterwards, but always felt I should have died along with everyone else, which is pretty obvious survivor’s guilt. Throw in the fact that it was obvious another war was brewing (the Second World War), and that everyone in ‘my’ war died for nothing, that I had obviously failed somewhere along the line (as I saw it then) and you have a whole range of things for a survivor to feel guilty about. Anyway, long story short, once I’d figured these things out in my current life (helped by an unplanned trip to a war memorial), my generalised guilt cleared up almost overnight. It took a while for me to figure out what was different, but it really does feel better not to be carrying around all that guilt after so long.
So yes, regression or uncovering your past lives, can help heal fears and phobias.