My First Car Loan

Dealing with the foreclosure of your home would be an extremely difficult thing for anyone to face, and it may be extraordinarily challenging for parents. If you have kids, it's only natural to want to protect them from the pain that you are experiencing. However, most children will want to know what is going on that is upsetting their parents. Consider these strategies for talking to your children about the foreclosure situation. 

If Possible, Wait While The Situation Unfolds

Many people are able to save their home from foreclosure. Just because you get behind on your mortgage or may consider bankruptcy services, that doesn't mean that your fears of losing your home will be realized. Foreclosure prevention services may help you get on your feet. In that situation, it is best to put off telling the children about the financial difficulties. Only let kids know about bankruptcy and foreclosure woes when those issues will directly impact their lives.

Carefully Determine How Much Info Each Child Can Handle

If you have children who have a large age gap between them, it can be tricky to discern which child is ready to hear about the circumstances that your family is facing. A teenager will have problems handling the thought of moving and leaving their home behind, but they will be better able to empathize with their parents and understand the overall situation. Younger kids may freak out and misunderstand the enormity of the potential foreclosure. 

Find Out How Much Each Child Knows

Children are typically quite curious about the lives of their parents. They may pick up on far more than you realize. Ask both open-ended and simple questions to get to the bottom of how much kids already know about the foreclosure. An open-ended question will allow kids to ramble and talk openly on the topic, which can be very informative for parents. A simple question may help parents get specific information they need to know whether their child is ready to hear more.

Tell Older Kids First 

You may opt to separate older kids to tell them what's going on, then enlist their help in speaking with their younger siblings. The point of this is to soften the blow. Many young children idolize their older siblings, so hearing the news from them can be somehow easier to handle. Older kids are typically happy to help, and they may even be able to answer some of the questions younger siblings have about bankruptcy and foreclosure if you prepare them for the discussion. 

Finally, prepare at least some general talking points that you want to cover when you do talk to your children about your financial situation. Be honest about whether you think you will be able to stop the foreclosure. Also encourage and reassure children. Let them know they will always be taken care of and protected even if you the foreclosure happens.