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Declining Home Prices Hitting Seniors Harder

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By : Leticia Carvalho    99 or more times read
Many of you might be hoping that your homes will be your source of security during your retirement years. But based on a study conducted by the Center of Retirement Research, one third of the older households are likely to enjoy security because of the current problems in the housing industry.

The worsening mess in the mortgage industry has not only threatened to take away the homes of millions of American families. It also looks like that the senior citizens of this country is at risk of losing their retirement security unless the foreclosure crisis eases up. More and more seniors are defaulting on their mortgages and/or losing their homes to foreclosure.

Across the nation, you will hear the same foreclosure story. Due to various reasons, millions of Americans are finding themselves unable to meet their mortgage obligations. To make mattes worse, the surplus in homes for sale in the market has caused home prices to plummet. For many of the senior citizens, this certainly is a nightmare. Not only are they at risk of losing their homes, but it will also mean losing all the retirement money tied up with the property.

The housing market right now is obviously favoring buyers, especially those looking for bargain homes. Unfortunately for sellers and homeowners, the declining home prices mean that you will have to settle for offers that are below your asking price. You will also notice that you have lost considerable equity and might now have mortgage debts larger than what the property is now worth in the market.

Selling your home, if you are having trouble keeping up with your mortgage payments, is certainly one of the options that could explore. But considering the odds, it would be better if you try working out your mortgage problems with your lender. Options like new repayment arrangements or even a loan modification could help you keep your home and secure your retirement years.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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