Current times are worrisome at best. Not only are people worried about the virus, but about losing their homes, careers, and financial stability. For many real estate professionals, job security is looking a little less secure. For real estate clients, both past and present, the worry of losing their homes is becoming increasingly imperative. In order to alleviate some of the worry surrounding COVID-19 and foreclosure, proactively emailing your clients with a list of available resources could help combat fear and the possibility of foreclosure.
There is no sense in being overly optimistic about the current situation, as none of us are certain how COVID-19 will affect everyone, but often, knowing where to turn if need be, can help relieve looming anxiety. Proactively emailing your clients a list of available resources and steps to take in the event they believe they will be facing foreclosure, will let them know you’re thinking about them and the current situation.
It will also reinforce the fact that real estate professionals are aware COVID-19 isn’t just about physical symptoms; it’s about the emotional and financial ones as well and while we’re all doing our part to help prevent the spread, there are other resources that may be needed, should the time come.
The most important thing to stress straightaway to them is the urgency of time. With any possibility of foreclosure, the quicker your client is able act, the better their chances of being able to save their home. Depending on their mortgage lender or servicer, and their agreed upon terms, the options vary. Let them know there are options, but time is of the essence. Stress to them the importance of contacting their lender and not to delay in taking the first step. There are modification available (provided they meet the requirements) for VA, FHA, Fannie Mae/Freddie Mac, online mortgages, and others, so long as your clients contact their lender and discuss their options as soon as they think foreclosure might be in their future.
I have seen some sources recommending that real estate professionals recommend to their clients they curb their spending in an effort to save their homes from foreclosure; however, in these tumultuous times, I think most clients already know that spending will need to be adjusted. With the rising cost of groceries and medicine, finances should be discussed with the lender, as to not further stress the client, in my opinion.
While it may seem obvious that clients could find this information on their own, remember when you’re already under pressure, it’s difficult to think clearly. It’s easy to feel like you’re drowning and there’s nowhere to turn. Your clients already trust you. They trust that you are an expert in your field and you’ll know the most reliable sources to seek out should things turn more critical. Proactively be a trusted resource for your community during this difficult time and we can all help each other breathe a little easier.