Between foreclosure fraud, plummeting house values, and a rocky financial outlook , millions of Americans have lost their home in the last five years. The older population has particularly suffered during this period. AARP estimates show that between 2007 and 2011, more than 1.5 million older Americans faced foreclosure as a result of the mortgage crisis. Here is a further look at how foreclosure is affecting an older population and how a bankruptcy lawyer can help.
Lack of Housing Security
The housing crisis of the last half decade rocked the American middle class to its core. While older Americans have always been considered more financially secure than other segments of the population, everyone’s foreclosure and bankruptcy rates have exponentially increased in the last five years. Older Americans are now carrying more debt than the used to, and millions are at constant risk of losing their homes. In fact, people over age 75 have a foreclosure rate of 3.2 percent compared to 3 percent for Americans between 50 and 64 and just 2.6 percent for those between the ages of 64 and 75.
A Look at the Numbers
Statistics from the last 5 years really illustrate the magnitude of the foreclosure crisis. AARP researched the housing security levels of older Americans, and found that among people over the age of 50, the percentage of loans that are seriously delinquent increased 456 percent during the five-year period of the recession. In 2007, the amount was 1.1 percent, and it increased to 6.0 percent by 2011. The AARP study notes that as of December 2011, 16 percent of loans of the mortgages held by Americans over the age of 50 were underwater.
Filing for bankruptcy can help you halt foreclosure and keep your home. If you are thinking about this process, contact an experienced bankruptcy attorney as soon as possible. Illinois residents who are thinking of this legal solution should contact the Belleville office of Dixon & Johnston, P.C. by calling (618) 233-1103. Our bankruptcy and foreclosure team will work to help you keep your home and stop the creditor phone calls once and for all.
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