Last week I posted an article about the foreclosure crisis facing widows whose names were not listed on the original mortgage: only that of their deceased husband appeared. This week I'll supply some statistics and information on what an elderly or boomer Indianapolis widow can do to solve this horrible problem.
You should also reference last weeks' blog post and the original New York Tiimes piece on the matter. That link appears at the end of this blog entry.
While there is no specific data on how many widows have been affected by foreclosure, statistics put together by AARP estimate that foreclosure among homeowners over 50 increased by 23% between 2007 and 2011, making that demographic the hardest-hit in the crisis.
Some lenders have adjusted their policies to help widows deal with the problem, but others maintain that they must adhere to a blanket policy as it concerns all in foreclosure.
Housing advocates are in the process of petitioning the Consumer Financial Protection Bureau to develop policies that lenders must put in place when dealing with surviving relatives. An Indianapolis Senior Move Manager or expert attempting to help a client with this problem may wish to contact that agency to see if they may be of assistance.
Legal Aid is another help option for a widow in foreclosure crisis: those agencies are well-familiar with the problem, having seen a dramatic increase in the number of requests for assistance from widows in foreclosure.
Local housing advocacy groups may also be able to offer assistance or suggestions to a widow or real estate professional.
But until the Consumer Financial Protection Bureau firms up the guidelines, seniors or those helping with the problem must work primarily with lenders, many of whom still possess widely-varying policies.