Seniors hit hardest by foreclosure
On behalf of The Rollins Law Firm posted in Foreclosure on Monday, September 24, 2012.
Many people in Mississippi know what it's like to face the loss of their home. Because of mounting debt, many people have been forced into foreclosure. And while reports say that foreclosure filings across the country are down significantly from this time last year, one group of people continues to battle with it.
More than many other demographics, older Americans continue to face financial hardship and foreclosure. According to a report compiled by the AARP, 16 percent of people over the age of 50 are underwater on their mortgages. And despite opposite national trends, the number of people in this age group who are facing foreclosure is increasing – up more than 2 percent from 2007.
The number of people who have seriously delinquent loans in this age group has jumped by about 5 percent since 2007, likely leaving many to wonder what they can do to regain some financial footing. Unlike their younger counterparts, many of these people have a hard time finding second jobs and have depleted much of their savings just trying to keep up with payments they cannot afford.
The thought of losing a home you spent a lifetime building is scary for most people. It's important to know, however, that a foreclosure notice does not necessarily mean you are out of options. For many homeowners, bankruptcy provides a good way to keep your home and get your finances back on track. Not only that, but a bankruptcy filing will keep harassing phone calls from creditors at bay, allowing you to work things out in peace.
Source: The Buffalo News, "Seniors increasingly are facing foreclosure," Ana Veciana-Suarez, Sept. 24, 2012