In the past decade, the United States had seen more than a million homes in foreclosure, as many families lost their homes to mortgages, loans, and the Global Economic Crisis. But, as the economy improves and residents get back on their feet, is the housing dilemma over for good?
Chang Legal LLC and its team of foreclosure defense attorneys handle their fair share of these cases. The process can take years, and the consequences can be devastating to affected homeowners. Is the crisis finally over?
According to a report from the Financial Advisor, the number of US homes in active foreclosure has dropped by around 24,000, falling to 631,000 in March this year. The figure is the lowest since October 2007. Home foreclosures have reached their peak in 2010, when millions of homes were seized by banks during the Great Depression.
Due to unemployment and grave financial loss, desperate homeowners sent their house keys to banks, telling them to take the property in exchange for loans. With the economy on its way to recovery, and unemployment claims at its lowest since 2007, the country does seem to be putting the crisis behind it.
Things may be looking up for a number of homeowners. But, some are still in danger of being thrown out of their homes. As the improving situation takes the headlines, seniors facing foreclosure also make it to the news. A growing number of mortgage holders are sharing their plight.
While the economic situation is getting better, seniors who face job dismissals, disability, and sicknesses are unable to keep their finances afloat. Kenneth and Sadako Miller, both in their late sixties, thought a reverse mortgage will solve the problem for them. The government-issued mortgage claims that the Millers can turn the value of their home into cash payments without having to sell it.
But, instead of feeling at ease in their modest home, the elderly couple is currently facing foreclosure. Kenneth, a disabled Vietnam veteran, says he’s sorry he and his wife ever got the reverse mortgage.
While the foreclosure crisis does seem to be drawing to a close, it still haunts many homeowners. As other financial woes hover, it continues to be a crisis for the victims of such situations.