This foreclosure crisis is impacting many people in different ways. Those hardest hit are the elderly who suddenly find themselves facing foreclosure. They are on a fixed income and quickly realize that there is no way that they will be able to continue to pay their mortgage.
Worry Consumes Them
They worry about what will happen to them and their spouses. Since they are not working, they have all of this free time on their hands and they just obsess about their problems. Here in their golden years they were supposed to be enjoying themselves and now they are worried that they soon may be homeless. What are they supposed to do?
Most senior citizens are very proud. They want to take care of themselves. They don’t want to reach out to others for help. Yet by trying to take care of everything themselves they find themselves drowning and don’t know where to turn.
That’s Where a San Diego Man Recently Found Himself
At 69 years old he suddenly found himself unable to continue to make the monthly payments on his mortgage. The interest rate was 17% and he was falling behind on his payments. His wife is 73 years old. He pictured them both being homeless in the near future. He himself has some sever medical conditions and believed that he only had a year or two to live. So how would his wife carry on without him? Rather than looking for help from others
He Took Things Into His Own Hands
He only owed about $50,000 on his mortgage. So he figured that the best thing for him to do would be to rob a bank. He walked into a branch of the Bank of America using a cane with one hand and holding a briefcase with the other. He walked up to the branch manager and handed him a note. The note said that he had a bomb. He got $107,000 in the robbery but was caught very quickly.
When you think about it, the story is fairly comical. Picture it. A 69 year old grandpa with a cane walks in and robs a bank. The sad thing is that it could have been my grandfather or yours. How would we react?
Nowhere in the article about this man that I read did it indicate that he asked anyone for help. It looks like he just took matters into his own hands. He didn’t want to lose his home. So he did the only thing he thought of to get the $50,000 he needed. He went where the money was – a local bank.
If you are facing foreclosure, don’t think that you need to figure out how to handle it on your own. Contact a lawyer or a person skilled in foreclosure matters. Sit down with them. Explain to them what is happening. Let them tell you the options open to you. You may think that there is no way you can save your home. You may be surprised to learn from them that they can help you save it.
At the same time find out as much as you can about the foreclosure process and what you can do to save your home. There is much useful information on this in my EBook. You can find out more about this EBook by clicking Stop Foreclosure.
Much Success,
Mark Elkins
