When you and your spouse put in years of work and pay your dues in order to be comfortable in your retirement, you’re probably not considering the possibility of having to be on the defense against foreclosure in your 70s and 80s. Nonetheless, this is an increasingly frequent reality for senior citizens across the country. According to the Consumer Protection Agency, 30 percent of Americans over the age of 65 are still paying a mortgage, a number that’s up from 22 percent just ten years earlier. For a large portion of this group, it’s all they can do to avoid foreclosure due to their limited income and dwindling savings.
Between 2007 and 2011, approximately 1.5 million Americans over the age of 65 lost their homes to foreclosure. Worst yet, experts speculate that this number has likely risen since 2011. A secure financial future seems to be eluding more and more retired Americans as they struggle to rebound from the housing crash; however, there may be ways to avoid foreclosure and retain your property without having to bankrupt your retirement savings. If you’re a senior facing foreclosure in New Jersey, contact an experienced attorney who can help you explore alternatives to losing your home and going through every penny you own.
An unfortunate new reality is that seniors often have to make a choice between paying their mortgage from month to month and keeping enough cash and assets on hand in the event of short- and long-term health complications. They’re also suffering a severe decrease in the quality of life for which they’d strived so hard when they were working. While lenders are typically less inclined to modify mortgage agreements for seniors because they feel older individuals have less time to repay, an attorney may be able to help you explore other options to ease your financial burden during your twilight years.
Don’t spend the rest of your life simply trying to stay in your home. Joel R. Spivack is committed to helping clients avoid foreclosure. If you’re facing the prospect of losing your home and need experienced legal guidance, call Mr. Spivack today for a free consultation.