The foreclosure process can be exhausting and difficult to understand during any time in a person’s life. Facing a foreclosure during retirement has its own challenges and obstacles.
Retirement is meant for rest, relaxation and the pursuit of hobbies and family time. Ideally? What is supposed to be a time of stability can be extremely stressful for a retired person going through the foreclosure process. Luckily, there is an Orlando foreclosure lawyer who can help through this challenging and stressful financial situation.
Reasons Why Retirees Are Facing Foreclosure
Older homeowners in the midst of retiring are facing foreclosure on their homes more than ever before. Why is it becoming more prevalent now? For one, the current economy is making it difficult for any and all middle-class homeowners to afford their mortgages. Because of the mortgage crisis that has struck the country over the past few years, a lot of people are barely making ends meet.
Mortgage debt has become too heavy to carry, so they face foreclosure. Unfortunately, the mortgage crisis will not disappear all at once, and there will be lingering effects for years to come. It’s a potentially grim outlook for people who are supposed to be enjoying their retirement.
Another reason some retired individuals foreclose on their homes is because of high medical costs. Pension cuts are yet another reason retirees face foreclosure. Some senior citizens with a mortgage live off their Social Security and pension only, and reductions in those payments make it difficult if not impossible to afford a monthly mortgage.
What You Can Do if You Face Foreclosure?
If there is a recovery to the housing market or the economy, the problem is that older retired individuals don’t have enough time to ride out that wave to recovery. If the economy does bounce back, it will take many years to recover from the financial devastation.
So what can you do that is within your power? The best thing to do is to seek advice from a reputable Orlando foreclosure lawyer or one nearer you. They can help you get your finances under control, and assist you in gaining some financial control for the future.
The U.S. Department of Housing and Urban Development is another resource committed to providing housing counseling. They can also help you understand all of your options during the foreclosure process and provide you with referrals for legal services.
Communicate with your family and make them aware of your financial difficulties. Perhaps they can help you with housing options while you get your financial situation organized. Remember to try and have a positive attitude, as this will help tremendously because what are you going to do but make the best of it and don’t let it overwhelm your life. There are people and services available to help you if you need it.