How to Tell Your Kids About Foreclosure
Unfortunately, many people lose their homes due to a poor economy, job losses, divorce and a myriad other reasons. Aside from the financial instability foreclosure causes, it can also take an emotional toll on families. If you have children, it's important that you talk to them about your home being in foreclosure so that they know what lies ahead and aren't scared by the changes you will be making. A conversation about foreclosure can put both you and your children's minds at ease.
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Instructions
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Pick a time when you will have their full attention, not when they're studying, in the middle of playing or on their way to school. Dinner time is a good setting for breaking the news to them, as you can sit together as a family.
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Let them know that your family is not alone, and that many others are going through foreclosure. At the same time, let your kids know that foreclosure is a serious situation. You could say something like, "We're going to have to let go of this house, but many people are losing their jobs these days, so a lot of families are in the same boat as us. Foreclosure will mean some changes for us as far as money goes, but we will pull through it."
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Remain honest about why you're in foreclosure. If your children ask why you're losing your home, you don't have to be very specific about the details, but you can give them a truthful, general idea. Telling your kids, "Your father has to find a new job because he was laid off, and we can't afford this house anymore" is better than lying to them and saying, "We just don't want to live in this house anymore."
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Tell your kids exactly how their lives will change. For instance, if you can no longer afford piano lessons, must move 15 miles away, or will have to put them in another school, be frank about the situation.
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Emphasize positive points whenever possible. For example, if you will be moving into your parents' home temporarily, you could say, "We won't be living here anymore, but we're going to be seeing grandma and grandpa every day until we pick out a new house to live in. It'll be great for us all to be together, and you know how much you love the tree house in their back yard."
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