Millions of Americans have been affected by the foreclosure crisis. The stress of a foreclosure can be overwhelming for adults in Pennsylvania. However, studies have shown that children are more affected by foreclosure than most people think.
A report by First Focus found that about 2.3 million children have lived in homes that were lost to foreclosure. Another 6 million children live in homes or rental properties that are at risk of foreclosure.
When children are in a home that is lost to foreclosure they can suffer developmentally, and it often causes setbacks in their work at school. In fact, reading and math scores drop significantly after every forced move that a child endures.
"Children are the often invisible victims of the foreclosure crisis," the report author said.
Some states have been more affected by the foreclosure crisis than others. In Nevada, about 20 percent of children have lived in homes lost to foreclosure or at risk of foreclosure. In Florida, about 15 percent of children have been affected by foreclosure. In places like Alaska and North Dakota, only 2 percent of children have been affected by foreclosure.
Sadly, many people are facing foreclosure at no fault of their own. Unemployment or a serious illness can make it impossible to keep up with mortgage payments.
Fortunately, there are options for people to turn to that effectively halt the foreclosure process. People may be able to seek a short sale. In other cases, people may be able to file for bankruptcy. To determine which option is best for you, it is often wise to consult with an experienced bankruptcy attorney.
Source: Chicago Sun-Times, "Study: Foreclosures take toll on kids," Julie Schmit, April 19, 2012