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Elderly Americans and Foreclosure

It is the American Dream. Someday we will all retire and live the good life in our golden years. Trust me, this is the dream that I cling to when I have to work 6 days a week most weeks and eat at my desk in between clients. However, for many of our older Americans this dream has become a nightmare as they are facing losing their homes to foreclosure. With foreclosures up 60% in major cities nationwide, it seems like everyone is being continuing to be hit hard in the mortgage crisis with no immediate end in sight and the elderly are not exempt. A recent AARP study found that our elderly are at a higher risk for foreclosure. (See http://www.aarp.org/content/dam/aarp/research/public_policy_institute/cons_prot/2012/nightmare-on-main-street-AARP-ppi-cons-prot.pdf?utm_source=Consider+Chapter+13&utm_campaign=44ea02d871-Monday_Update_0716127_15_2012&utm_medium=email). More than 1.5 million homeowners nationwide age 50 and older lost their homes to foreclosure from 2007 until 2011 just is a horrible number. I will say in my bankruptcy practice in Waco, Texas, I have helped quite a few grandparents in recent months save their homes from foreclosure and get them back on track to getting current on their mortgages. Specifically, the AARP found:

  • About 5.7 percent of homeowners age 65 and older were in foreclosure in 2011, up from 0/58 percent in 2007.
  • More than 5 percent of homeowners age 65 and older were 90 days or more late on their mortgage payments in 2011, up from 1.28 percent in 2007.
  • Fourth of subprime mortgage loans with borrowers age 50 and older were 90 days or more late on payments or in foreclosure as of December 2011.

If you are behind on your mortgage payments, it is important to find an experienced bankruptcy attorney as soon as possible to discuss your options. I previously discussed what options are available when you are behind on your mortgage payments. (see http://thekehllawfirm.com/if-behind-on-your-mortgage-payments-your-best-options/) The worse thing you can do is wait and hope for the best. You need experienced staff standing behind you to help you come up with a plan that you can live with. Call 254-633-2876 today or email me at [email protected] for a FREE, no-obligation consultation before you lose your home. Let my family help yours! Photo Credit: Merelymel13

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