Today I had a call from a client who lives in an independent living facility, has no savings left and whose condo was going into foreclosure. He was very disturbed by all the “demand” letters he was getting from the mortgage company, the condo association etc. So much so, that his wife was becoming ill with stress.
After reviewing all the alternatives it became clear that he and his wife had no choice but to allow the foreclosure. But even the thought of someone suing him and not being able to pay his bills (despite being judgment-proof) was extremely disturbing and embarrassing to him.
I have had many clients come to me with virtually the same problem.
Seniors have been the worst hit by the foreclosure crisis. And I see it, up front and personal, and over and over again, and it is heartbreaking. This is the generation who survived a major depression, a world war and now in their twilight years, are unable to pay their bills and are losing their homes.
I have no solution for this problem nor would it do any good to assess blame. I just think it is one of the saddest things about our economic crisis.