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These days everyone is feeling the effects of the economic crisis, therefore it is not a surprise to find that most people are losing their homes because they cannot pay the monthly mortgage. This situation can be really challenging, especially if you are retired or you only have a few years before you reach the age to retire. Just imagine that you are an adult and you just realize that your parentís home is currently for sale on the Jamaica property auction listings market due to financial problems and you had no glue.

Well, this is happening more and more lately and most times the adult children are not aware of the problems, because the families donít have this open policy for discussing financial matters. In addition, they might be feeling embarrassed because the house end up on the market, because they took a loan to enter one of the failed financial schemes.

A number of individuals in Jamaica are now faced with the prospect of losing their homes, because they made the unfortunate decision to try one of the investment schemes in the recent years. In addition to the economic crisis that is felt worldwide, most Jamaicans are feeling a double financial loss because they lose huge sums in these failed schemes. As a result, the financial institutions like Victoria Mutual Building Society and Jamaica National Building Society have no choice but to foreclose the real estate properties.

Therefore, it is very important that everyone is paying attention to how they invest or spend money these days or they might find themselves in this embarrassing situation. Even though, the entire country is struggling to cope financially, no one want to be in a position where there residential home is advertised in the local newspapers under the Jamaica property auction listings.

According to Jamaican law, grownup children will be legally required to take care of their parents if they are not in a position to do so. Since most elderly individuals might not disclose when they are struggling financially, it is very important that you are proactive in discovering the facts if you think your parents might lose their residential home. The following will give you a few guidelines for
starting money discussion with them:

Check around the home for any financial records or bills and pay attention the unpaid percentage or notice for payments due and then you can ask the questions when you notice a pattern.

If the answers are not forthcoming, try to share some story about your friends whose parents lost their home, because of financial problems or perhaps leave some articles on the topic and hope that they will open up to you.

When this attempt fail, then you can write a letter to express that you understand the challenges people are faced with in the present economic crises and you want to make sure that they are able to manage on their own.

In conclusion, in spite of your best endeavors, it might be impossible to get your parents to reveal any financial details, so the best thing you can do right now is put a plan in motion to avoid the banks foreclosing on the property. So, now would be a good time to start practicing some smart financial planning, as this will help to ease your obligations in the long term.

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