Reuters reported on August 21, 2012, that a report from the AARP Public Policy Institute shows roughly 3.5 million homeowners owe more on their mortgages than their properties are worth. One troubling aspect to the report was the finding of the much higher rate of growth in foreclosures for homeowners over the age of 50 between 2007 and 2011. The Associated Press video above from July 2012 noted many of the challenges facing older homeowners.
According to Reuters, 2.92 percent of mortgage loans to these households had been foreclosed at the end of last year. AARP said this was an astonishing 873 percent increase from 2007. “The study adds to the growing mountain of evidence that the economy has shredded retirement possibilities, especially for low and middle-class households,” Reuters said. “Lower home values are especially devastating for these demographic groups.”
Reuters noted that another report by the online marketplace for foreclosed properties, RealtyTrac, found that the number of foreclosures rose in 59 percent of the nation’s top metro markets. Illinois accounted for two of the top 20 metro foreclosure rates.
If you are facing the threat of foreclosure, you should know that filing Chapter 7 or Chapter 13 bankruptcy can help you delay the process and may be able to help you keep your home. It can also provide you and your family with the fresh start you need to get your finances in order and stop struggling with incessant calls from creditors. Complete the form on this page to let our Chicago bankruptcy lawyers review your case or contact our firm today at (866) 930-7482 to set up a consultation.
Benjamin Brand Services – Chicago bankruptcy attorneys