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Elderly U.S. Air Force Veteran Struggles to Avoid Florida Foreclosure

A 72-year-old U.S. Air Force veteran has been struggling for the last two years to keep his home and avoid a Fort Lauderdale foreclosure.

He says without it, he has nowhere else to go. He said he’s written letters, made phone calls and showed up at bank and government offices – all to no avail. He says he feels abandoned, and it’s no wonder.

His next move should be to contact an experienced Miami foreclosure defense attorney. We understand what an uphill battle this may all seem like, and we are dedicated to fighting back aggressively as your advocate.

No one should have to try to sort through such a tangled web of red tape just to avoid homelessness – especially not an elderly veteran who has served his country honorably.

Florida has the second-highest number of foreclosures in the country, behind only California. Per capita, though, we’re easily No.1. California has had about 100,000 foreclosures in the last year, while Florida has had about 92,000. But factor in population – 37.6 million in California versus 19 million in Florida – and those numbers tell a different story.

Older folks in particular have been hit hard. The AARP reports that from 2007 to 2011, roughly 1.5 million older Americans lost their homes to foreclosure during the mortgage crisis. These were individuals who were underwater on their homes, meaning they owed far more than it was actually worth.

In the last two years, our Miami foreclosure lawyers have seen a consistent uptick in the number of foreclosures filed for clients age 60 and older.

The AARP reported that as of December 2011, some 3.5 million people over the age of 50 in this country held loans that were underwater. Additionally, about 600,000 in that same age group had homes that were foreclosure. There were also about 625,000 loans that were delinquent by three months or more.

Those experiencing the greatest hardships are seniors in the middle and lower-income brackets. In fact, homeowners over the age of 75 have some of the highest rates of serious delinquency, and borrowers who made less than $125,000 accounted for some 85 percent of foreclosures involving those over age 50.

Although the banks are ultimately the entities primarily responsible for our economic mess, there are a number of contributing factors that make seniors more vulnerable. For example, many elderly individuals are refinancing their homes as a way to get money to pay their medical debt or credit card bills or give to their children or grandchildren. Also, many older folks live in condo complexes or gated communities where there is less overall upkeep. However, those units come at a price, and nonpayment of association dues (as well as insurance and property taxes) can result in property liens that can then snowball into a foreclosure proceeding.

Seniors are also often struggling with more fragile health, a greater reliance on a fixed Social Security income, the death of a spouse or the loss of a job or retirement. Plus, seniors are especially at risk for “foreclosure rescue” scams, which could end up bilking them out of hundreds of thousands of dollars.

Foreclosure cases for elderly couples require special care and attention because he or she will have less time to recover from the financial impact if the foreclosure is approved. We can help.

If you’re battling foreclosure in Miami or the surrounding areas contact Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991. Also, don’t miss Miami Foreclosure Attorney Bruce Jacobs on 880AM/the Biz, every Wednesday from 5 p.m. to 6 p.m. on “Mortgage Wars,” discussing foreclosure topics that matter to YOU.

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