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

Client Reviews
I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there. - Lashay H.
The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete. - Vinester Smith.
Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone - Bryan Aust.
My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles. - Mike Zegelien.