634,000 Americans 50+ years old facing foreclosure
According to AARP Magazine (March/April 2009), there are 634,000 Americans aged 50+ who are 30-180 days past due on their first mortgages.
A study done in September, 2008 by AARP indicates that, at that time, Americans 50+ years old represented 28% of those who were delinquent, in foreclosure or who had been foreclosed. The study titled “A First Look at Older Americans and the Mortgage Crisis” is available by clicking HERE.
The assumption that they are in good shape during this crisis, based on equity and low fixed interest rates, has not proven true. Unlike younger homeowners, who may eventually be able to recover from such a loss, homeowners in this age group may never recover, and may suffer significant financial reprecussions into older age.
[ Tags: AARP, Foreclosure Defense, Older Americans, Pre-Foreclosure, The Foreclosure Crisis, Vital Information ]
This entry was posted on Tuesday, July 7th, 2009 at 10:20 AM by admin and is filed under Avoid 1099 Income, Avoid Deficiency Judgement, Foreclosure Defense. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.