The New York Times recently showcased a dilemma that is growing for some baby boomers, senior citizens, and their caregiver families: widows who discover their homes in foreclosure because only the deceased husbands' name was on the mortgage.
This is an issue that Indiana children of an elderly adult may face as they help their parent stride through a mortgage problem.
It's also an issue that an Indianapolis Senior Move Manager like myself can help families navigate. I'll consult my team of senior care professionals – from bankers, to lawyers, to senior advocates and more – to assist the family in the resolution of the problem, and perhaps pave the way for a smoother transition.
The problem is a typical Catch-22; the widow cannot receive help in lowering payments or otherwise modifying the mortgage until her name is added to the note. But many lenders refuse to make those modifications unless payments are current.
In my next blog post, I'll discuss this issue further, provide statistics, and offer some remedies.