Foreclosure Impact On Families Systemic, Unpredictable

: Chris Lee Law Firm

  Filed under: Foreclosure

foreclosure impactIf you are facing foreclosure and your job prospects look grim, reach out to your neighbors, local representatives, legal experts or contact a debt relief professional. A recent federal study reports that while many people aren’t moving into the trenches immediately after a foreclosure, families are being impacted in painful, unforeseen ways.

The federal study evaluated how families have adapted and adjusted after foreclosure. The findings, initially more positive than expected, revealed that many families have to separate in order to survive. While their standard of living, by some estimates, had not fallen considerably, quality of life of was greatly reduced as families were forced to split up.

Trauma of national foreclosure indicative of things to come

Sociologists will tell you that when this many families are separated because of economic crisis, shockwaves are felt years in the future. Indeed, the very fiber of society that is ripped and thrown to the wind.  This ‘social fabric’ has cohesive properties that promote goodwill unto others and strong, peaceful neighborhoods

Recourse and relief if facing foreclosure

There are options if you are facing a foreclosure. As this blog has stipulated before, you should first contact your bank to see if you aren’t eligible for partial debt forgiveness or loan modification. If they are inflexible, you may want to see what your state or local government is doing to help families in borrower delinquency— foreclosure is a nationwide problem and you are sure to find some financial or legal resource.

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