Foreclosure Hurting Seniors All Over the Country
Surprisingly seniors have been drastically affected by the increase in foreclosures as everyone else. This is increasingly detrimental to their financial security, because they have less means to regain stability. Therefore, many seniors are left with the prospect of a bleak future with no real estate property of their own. In the past, most seniors were able to avoid being a part of the recent foreclosure epidemic. They relied on their savings and accumulated wealth to keep them afloat as the recession hit. However, new research shows that many seniors are now becoming a large part of the foreclosure crisis that is now beginning to surge again. This recent foreclosure surge is impacting seniors all over the country.
At the beginning of 2012 this trend began to take shape and many of the foreclosure filings involve individuals that are 50 and over. Many of the seniors affected by the recent foreclosure crisis have been rejected for loan modifications, leaving them with no alternative that they know of. Many times they are not aware of the other options that are available to them like working with reputable real estate solution companies and doing shortsales when there is negative equity in a home. Many of these seniors have no place to live if their home is foreclosed on. Therefore, this recent foreclosure surge among individuals 50 and over can have detrimental results.
Many seniors won’t ever see another increase in their income for the rest of their lives. This leaves them with limited funds that could have been negatively affected by poor past investments. Most seniors are hardly living it up at the retirement age and are instead barley meeting their necessary obligations. However, the best way for seniors to avoid foreclosure is to seek out professional assistance. Due to the recent mortgage settlement many lenders are more willing to help seniors maintain their homes. This involves making loan modifications and short sales viable options for seniors. Selling the property for cash “as-is” to reputable investors is the best solution if they are unable to make necessary repairs to the home. However, in order to get adequate help, seniors must act quickly.
Their is Foreclosure Help!
Since most seniors worry about burdening others they rarely reach out for help. If you know someone over the age of fifty that could use assistance in regards to possible foreclosure, make them aware of the information available. Do not forget about the elderly in time of financial crisis, often they are impacted the worst and have no means to regain their losses. Read Options When Facing Foreclosure for some ideas on what to do. Call 1800-HOPE-DAY to set up a free information only appointment with a foreclosure specialist who can work with you and your loved ones in need of help.