Helping Someone Close to You Understand the Process of Foreclosure

One of life’s biggest challenges may be faced when someone close to you reveals that he or she is at risk of having a residence foreclosed upon by a financial institution or mortgage company. What can make it worse is when the person adds, “And I don’t even understand what foreclosure is…” At this point, it will behoove you to help him or her fully understand the process of foreclosure.

Start by Finding Out What He or She Does Know

If you are going to help a friend understand the process of foreclosure, you’re first going to need to find how much he or she does know. Sit down with him or her and, in a non-judgmental way, gently probe him or her for evidence of how much he or she realizes what the process of foreclosure entails.

Help Him or Her Fill in the Gaps

Once you’re aware of how much he or she knows about the process of foreclosure, you can begin filling in the “gaps”.

For instance, your friend may understand that he or she is about to lose a property, but may not understand the credit history repercussions. At this point, you can explain how credit reports work and how they can affect everything from buying a vehicle to renting an apartment. Your friend will appreciate your sharing, and you’ll know that he or she won’t be blind-sided in the future.

Map Out a Plan Together

Once your friend has a better understanding of the process of foreclosure, you can help him or her come up with a realistic plan of how to either stop foreclosure proceedings before they go too far or what to do once his or her property has been seized by the bank or mortgage organization.

Many people simply “ride out” the process of foreclosure; but those who get through it with grace have a plan that helps them through the ups and downs.

Be There… But Don’t Do Everything

Finally, as a good friend, it’s important to figuratively hold your friend’s hand through the process of foreclosure. But resist the temptation to do everything for him or her. The only way for him or her to learn how not to have a similar experience again is for him or her to have to go through it personally.

Visit our website to learn about ethical practices and how to protect yourself from financial predators Red Bear Foreclosure helps educate you about the foreclosure process. We do not offer legal advice or any financial counseling.

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