The CL&P Blog has posted an article about a study that links medical issues to a large number of foreclosures. The numbers of foreclosures have been on the rise in the past few years; roughly one in every ninety-two households face it. This is partly due to “typical” reasons we often associate with foreclosure such as rising interest rates, irresponsible borrowers, loose lenders and a bad real estate market.
However, the study found that foreclosures due to medical issues make up a very large, and previously unaccounted for, percentage.
Half of all respondents (49%) indicated that their foreclosure was caused in part by a medical problem, including illness or injuries (32%), unmanageable medical bills (23%), lost work due to a medical problem (27%), or caring for sick family members (14%). We also examined objective indicia of medical disruptions in the previous two years, including those respondents paying more than $2,000 of medical bills out of pocket (37%), those losing two or more weeks of work because of injury or illness (30%), those currently disabled and unable to work (8%), and those who used their home equity to pay medical bills (13%). Altogether, seven in ten respondents (69%) reported at least one of these factors.
Feel free to contact us through our website or by calling 205-879-2447.
Also remember you are invited to our free tele seminar on Alabama Wrongful Foreclosures set for January 19, 2010, at 4 pm CST.