Many Foreclosures Have Homeowners Over 50


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For many homeowners over the age of 50 they have found themselves in deep problems after foreclosing on their home. They are at the age where they cannot buy another property within the next 10 years and they are unable to afford an apartment due to their lowered income. Twenty eight percent of the foreclosure population is made up of homeowners that are over the age of 50.

Due to their age and their income the older homeowners find it much more devastating than someone younger that has more time to be able to work things out. Lenders will not give it a second thought to loan money to a borrower that will not be able to continue paying a certain mortgage for 30 years. After all, the thought is they will probably not be working that long if they are still living.

There are also situations where older Americans are manipulated more frequently into loans that they donít understand. They will tell the borrower that the contract is for a fixed rate when in fact it isnít and they will discover this either months or years later when their payment gets so high they can pay it. With medical bills to pay more often that when they were in their 30ís for example, it makes it even more difficult to pay a high mortgage. For lenders that manage to trick borrowers into such loans should be taken to court. In fact many are beginning to be sued for just that. A number of older homeowners that are about to foreclose or foresee a problem in their mortgage agreement manage to seek help and get it.
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