The Shame Factor
It's something that people are often ashamed of - financial problems. Most of their friends will never know that they have a challenge, but we will - because we have to. They are selling their house because they can't afford it. We have to know that or they would never tell us either. And they will be embarrased or ashamed to admit it even though they know they have to. But because they have to tell us, we'll be in a position to help them. With the right resources, we can make a stressful situation less so.
Recource For Those In Bankruptcy
If you have a client going through bankruptcy, you should know about an online education and support structure that is in place for them. It's called The Institute for Financial Literacy and it's run by some really knowledgeable people (I know them personally, and they rock). They can offer education for people thinking about filing (the general rule is that if you owe more than you make in a year, you're a candidate for bankruptcy - Source: Suze Orman). They can provide the legally required education programs for those who have already filed and they can generally answer the questions that people have around bankruptcy.
Check them out and share the knowledge with your clients. They will thank you for it.
This is a timely topic...we can do a lot more than selling short sales by directing these home owners to resources to get back on track.
Kelle, good tip and I like your personal recommendation. Are they all over the U.S.?
Your blog is now featured at http://activerain.com/groups/virtualoffice
Kelle, you always have such useful resources available to us. Thanks for this one.
Hi Kelle - Our clients need to regard us as their fiduciary and understand what that means. So many don't want to reveal their financial circumstances to us but the need to in order for us to serve them to our best capacities. They do need to understand that we are sworn to strict confidence regarding their financial affairs; gaining their trust is the first step.
Regina - yes, they are national.
Jon and Karen - You're both right. In this market, it's more important than ever to have useful resources and the trust factor from the client to get the information you need to provide the help you are able.
Maggie - thanks for the appreciation - I try!