In the years since the end of America’s recent Great Recession, there have been plenty of ups and downs in economic forecasts, fiscal prognostications, and financial facts and figures. But as mortgages rates rose forcing many into foreclosure, the personal health of those impacted went on the decline, as the real estate reckoning wrought a wave of depressed homeowners.
In fact, according to a new article by The Huffington Post, “The damaging mental-health effects of the fragile economy have been a subject of study since the throes of the Great Recession, and with the economy now settling into a state of near-inertia, those same health consequences appear likely to continue to afflict Americans who view their financial position as precarious. Of particular concern is the foreclosure crisis, which has already been linked to a wave of major depression and is believed to exacerbate compulsive behaviors like alcoholism and gambling. Now, increases in foreclosure activity appear to correlate with an uptick in hypertension, anxiety, diabetes and suicide attempts, according to researchers at Princeton and Georgia State University.”
Unfortunately, the result is millions of homeowners in crisis—both financially and mentally—giving the term “depressed housing market” a whole new meaning. And if new foreclosure data is any guide to the mental and physical health of a nation of debtors, it's unlikely that the spate of stress-related medical consequences will get better anytime soon.
“Though home foreclosures fell to a 44-month low in July, most analysts agree that foreclosure rates are likely to jump once the system finishes processing the backlog of existing cases. Homeowners who have entered foreclosure but haven't been forced to leave their houses, thanks to the backlog, could increasingly face eviction as the system catches up. Foreclosures tend to inflict collateral damage on the local real estate market, as they often drive down the value of neighboring houses and leave those homeowners with fewer financial options. Sometimes those neighbors are pushed into foreclosure themselves.”
So what does this news mean for the millions of Americans seeking a respite from mortgage meltdowns and seemingly non-existent homeownership help?
If you’re having trouble making your mortgage, living in a home that will never have equity, and/or residing in an area that is currently devalued, bankruptcy can help get you back on the right side of the proverbial real estate tracks. A bankruptcy will allow you to surrender your underwater home, negate your personal and financial liability, or even make it more manageable to save your home sweet home and still move forward financially—all so that you can back to healthy living, and living in a home that you can afford.
So, now, more than ever, it’s time to join the millions of American homeowners who found more immediate mortgage help, through the many physical, mental and financial safe havens of a personal bankruptcy.
If you too have been affected by the housing crisis, knowing a qualified bankruptcy attorney can also help you to conquer your creditors and face your financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future beyond your own personal mortgage crisis.
The bankruptcy lawyers at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to 1-888-234-4181 24 hours a day, 7 days a week, or you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.