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Elderly Americans Facing Foreclosure

Elderly Americans Facing Foreclosure

Posted By Marshall D. Schultz || 1-Aug-2012

Unfortunately with the continuance of what is being called The Great Recession in the United States, more and more people are losing their homes. It has been calculated that out of all the people who have lost their homes, more than 1.5 million of them are older Americans. The majority of these elderly individuals at risk are Hispanics and African Americans who sadly have not been able to keep up with their mortgage payments. In these cases, nearly 3.5-4 percent of the elderly minorities seem to face foreclosure while only 1.9 percent of white elderly people currently face this traumatic situation.

There is a high number of people being laid off, especially people over 50 who are seen by some companies as less valuable. With situations like this, the spouse of the jobless person now has the burden of paying for the expenses of two individuals. Even though people assume that home ownership guarantees security in the long run, we are seeing that this is not necessarily the case. In most cases, the lack of financial security and foreclosure is not due to any frivolous spending. These individuals are doing everything they can to keep up, but just cannot seem to make it. According to AARP, nearly 600,000 people over 50 are experiencing foreclosure.

Dealing with the possibility of losing your home at any age is scary and intimidating, especially when you are growing older. There may be options out there that can help you if you are experiencing the foreclosure of your home. Allow our experienced legal team to look over your case and see if we can't help you keep your home with foreclosure defense tactics. Contact our firm today for a free consultation so that we can see how we may best be of assistance to you during this difficult time.

Categories: Foreclosure Defense

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