A new study has found that not only does foreclosure adversely affect your credit, but it can be detrimental to your health. The stress associated with the process can affect both physical and psychological well-being.
The study was conducted between 2006 and 2008 and included 2,300 Americans over the age of 50. The questions covered overall health, psychological well-being, income and whether they had fallen behind on their mortgage.
The researchers found that the participants, who were delinquent on their mortgages, measured a high level of food insecurity and reported symptoms of depression. These participants also stated that they would skip taking their medications because they were too costly.
The financial constraints also make it difficult to employ foreclosure attorneys, which may make it possible to avoid eviction. Of the 2,300 people surveyed, 68 of them were delinquent on their mortgage payments.
The research also found that minorities and people with low income were more likely to be behind on their mortgage payments. These people often have to decide whether they will buy food and medications or pay their mortgage.
People, who are behind on their mortgages, must grapple with the possibility of becoming homeless, unless they find a way to hire a foreclosure lawyer to seek a mortgage modification.
Foreclosure is hard on people no matter what age group they belong to. A foreclosure attorney can work for the delinquent homeowner and make keeping their homes a possibility.
