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Baby Boomers Experience Mortgage Issues, Foreclosures

Posted on in Chapter 13 Bankruptcy

Now that mortgages rates have lowered, people are looking to refinance their homes in order to keep them. To be eligible for refinancing a mortgage, applicants must have good credit ratings and a steady income source. This presents a problem for older people who could really benefit from easier mortgage payments.

The AARP has released many figures that document the financial state of those considering retirement. More than 1.5 million individuals over the age of 50 have lost their homes since 2007. More than 3.5 million are currently at risk of foreclosure. More than 16% of homes owned by the baby boomers are underwater or lack the equity to refinance leading to foreclosures for those who are on a fixed budget.

It is also compounded by the fact that more people are still paying their mortgages after they have retired. “More older Americans are carrying mortgage debt than in the past, and the amount of that debt is also increasing…leading to their worsening situation,” said AARP vice president for policy Debra Whitman. “It's one thing if your housing value goes down in your 50s. It's another thing if you're 75. For some people, it's not like you can go back to work.”

For baby boomers that are delinquent on mortgage payments or have received a notice of foreclosure, there are options to keep your home. Filing for a Chapter 13 bankruptcy can allow you to make smaller payments to your mortgage and will stop foreclosure action. Contact an experienced bankruptcy attorney in Lake County who can guide you through this process.

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