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Re: Homeowners over 50 are falling into foreclosure at the fastest pace of any age group

By: ribit in FFFT | Recommend this post (0)
Mon, 03 Dec 12 8:53 AM | 21 view(s)
Boardmark this board | Food For Further Thought 		Msg. 48204 of 65535
(This msg. is a reply to 48201 by clo)
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clo
...those are some of the reasons they are getting foreclosed but there are more. The did not purchase life insurance to pay off the loan in the case of the death of one party or the other, and many of them went out and borrowed more money on their homes every time the "value" increased enough to give em some equity. Mostly to pay off credit cards. It may not be a pleasant thing to think, but they made their own problems and now want someone else to be punished.




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Liberals are like a "Slinky". Totally useless, but somehow ya can't help but smile when you see one tumble down a flight of stairs!

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The above is a reply to the following message:
Homeowners over 50 are falling into foreclosure at the fastest pace of any age group
By: clo in FFFT
Mon, 03 Dec 12 3:33 AM 		Msg. 48201 of 65535

Homeowners over 50 are falling into foreclosure at the fastest pace of any age group

By Jessica Silver-Greenberg

updated 12/2/2012 12:23:20 PM ET

.......
In the latest chapter of the foreclosure crisis, homeowners over 50 are falling into foreclosure at the fastest pace of any age group, according to nationwide data, in part because women are outliving their spouses and are unable to cope with cuts in their pensions, ballooning medical costs — and the fine print on their mortgages.

While there are no exact measures of how many widows have entered foreclosure, figures compiled by AARP show the rate of foreclosures among people over 50 increased by 23 percent from 2007 to 2011, resulting in 1.5 million foreclosures.

more:
http://www.msnbc.msn.com/id/50047215/ns/business-us_business/#.ULvgOIPAeyg

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