I've been working with some clients who now find themselves in the unenviable, but not rare, position of being in a short sale situation. We hear a lot about this in the news, and we know the reality of what it means...when the house sells, there will not be enough money to cover all the encumberances on the property. So what do people do?
If they are smart, they seek guidance from professionals like tax and bankruptcy attorneys, perhaps CPA's and definitely tax advisors - and they try hard to get enough sleep. Constant worry has a direct impact on health and on our ability to concentrate - even when we are doing really important things - like construction work on roofs. It can also make us speak harshly to our spouses and our children. There are moments when we simply draw a blank when someone asks us a question. It is hard to lose so much when you thought you were living the American Dream just a few months ago...the months before the illness in your family that made it difficult to focus on getting new work for your small business; before the down-turn in your work in home-related construction, before you lost control of your small business accounting system because there was simply not enough time in each day.
Yesterday, I went with this client to support him as he talked to his "local" bank which holds the 2nd on his home. What a great experience. In contrast to the huge financial institution holding the first, which is in a constant state of disarray right now anyway, this banker really wanted to know how she could help. She was kind, she listened and she took ideas forward to people who had to decide and, in the end, came back with a response that made it clear that they intended to find a way to help.
I intend to move my banking business over to this bank as soon as they open on Tues. I was impressed with a whole new understanding of what "local banking" means.
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