Although
the past U.S. housing crisis left plenty of people struggling to keep
their homes, none were as affected as the American senior population.
A 2011 survey identified homeowners over 75 as having the highest
foreclosure rate for people over 50. According to a report from the
Consumer Financial Protection Bureau, the percentage of seniors with
mortgage debt increased from 22 percent in 2001 to 30 percent a
decade later. In that same time period, the rate more than doubled
among those aged 75 and older, from 8.4 percent to a staggering 21.2
percent.
The
situation for America’s seniors facing foreclosure becomes even
more terrifying once you consider the fact that, compared to younger
individuals, they have fewer years to regain their financial footing.
Plus, it isn’t likely that they’ll find a job that’ll be enough
to help them pay off their loan, making it even harder for them to
bounce back from foreclosure.
Are
you part of the senior segment of the population? Are you unable to
save enough for your home due to pension cuts, decreasing property
values, rising medical costs, and other such financial problems? If
your home is at risk of foreclosure, there are plenty of ways to beat
the foreclosure process. Talk to a knowledgeable foreclosure attorney
to learn about them.
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