Foreclosures: What About the Children (Part 2)
Yesterday, we reported on the adverse impact foreclosures have had and will continue to have on the children of this country. Today, we want to talk about how parents can soften the effect. If you can't keep your house, you must decide how to leave and determine the impact of your decision on your children. From a financial standpoint, short sales are always the better option. From a pure family situation (both your family and the families in the neighborhood), you must also make a decision. If you allow your home to go to foreclosure, you have two choices: move and leave the house vacant or stay and wait to be evicted. The first option leaves your neighbors with an empty house and all the challenges which that creates for a neighborhood. The second choice can create even more stress for you and your children as you wait for the day an official knocks on your door demanding you and your family leave immediately. In contrast, the short sale process allows you to work with the bank and pre-determine the day you will move. The new owners usually move in the same day. Your family moves with a plan and you don’t leave the neighborhood with the headaches associated with a vacant house on the block. There is a level of dignity in this type of move that almost never takes place during the foreclosure process. You may have heard of the nightmares that have surrounded short sales in the past. However, there is a new army of both real estate and mortgage professionals who have now been trained on the short sale process. They can help you. Reach out to them today. In most cases, a short sale will be the right thing for you, your children and your neighbors' children.