Many survive foreclosure in style
Homeowners in foreclosure are increasingly plotting a graceful landing that leaves them not in dire straits following an eviction, but with the same or even better living standards than before they defaulted.
A study released this summer by a Federal Reserve Board discussion group found that homeowners post-foreclosure are bucking conventional wisdom that dictates they defray expenses by moving in with extended family members or into crowded apartments in poorer neighborhoods.
Instead, the report titled “The Post Foreclosure Experience of U.S. Households” found the majority of people following a foreclosure end up sharing a home with the same number of people in a similar, or the same, community.
About 60 percent live in a single-family home, albeit a rental, in a neighborhood where the education level of residents and median house values are comparable to what they experienced as homeowners. The study, which was based on consumer credit information, found another plus – work commutes decreased slightly after a foreclosure.
“In general, my clients are not left devastated by the foreclosure or short-sale process,” said Boca Raton foreclosure defense attorney Marlyn Wiener. “Once they deal emotionally with the loss of their home, they make plans for the future.”
You can check out the rest from the PB Post here…
I guess they missed this 60 Minutes special on homeless children…
And I bet they didnt read this report on poverty in the United States…
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Census: 46M Americans in poverty; highest on record since 1959
Washington— The ranks of the nation’s poor have swelled to a record 46.2 million — nearly 1 in 6 Americans — as the prolonged pain of the recession leaves millions still struggling and out of work.
Also, the number without health insurance has reached 49.9 million, the most in over two decades.
The figures are in a Census Bureau report, released Tuesday, that offers a somber snapshot of the economic well-being of U.S. households for last year when joblessness hovered above 9 percent for a second year.
The overall poverty rate climbed to 15.1 percent, from 14.3 percent the previous year, and the rate from 2007-2010 rose faster than for any similar period since the early 1980s.
Those with jobs were much less likely to be poor, but the recession and weak recovery have wiped out income gains of prior years for a broad spectrum of workers and their families. Inflation-adjusted median household income — the middle of the populace — fell 2.3 percent to $49,445 last year from a year ago and 7 percent from 2000.
“It’s a lost decade for the middle class,” said Sheldon Danziger, a poverty expert at the University of Michigan.
Anyway, you can check out the full report below…
Reminds me of the report that the FED put out earlier this year on how they found NO wrongful foreclosures by banks…
WASHINGTON, D.C. — A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed’s Consumer Advisory Council said Thursday.
During a public meeting attended by Fed chairman Ben Bernanke and other regulators, consumer advocates on the panel criticized federal bank regulators for narrowly defining what constitutes a “wrongful foreclosure.” At least one member of the panel voiced concerns that the public would not take the Fed’s findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon.
The Fed’s findings seem to support claims from the banking industry, which has admitted to sloppy practices but has maintained that the homeowners whose homes have been repossessed were substantially behind on their payments. The Fed’s report has not been released to the public.
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4closureFraud.org
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The Post Foreclosure Experience of U.S. Households
Yea! The little 101 year old lady couldn’t agree more with these TOTAL fake, lying morons as she was wheeled to the curb to be left to die. Left in a wheelchair on the curb was a much better accomodation than her house. Excuse me while I go puke. At least she has a home to go back to if she survives the ordeal. I won’t even leave a stray dog on the road. Who are these people. What is wrong with this country.
What is wrong with country OBAMA- and that is ALL what is wrong!
We can thank him and democrats who has ALL branches of government and used it to crack the foundation of our country and destroy it. It is irreparable at this point as Republicans are scared of their wits to do anything at the fear of Obama beholden media.
Messiah promised Fundamental Transformation and DELIVERED! Who said he is unsuccessful-just look around- poverty, misery, depression, record oil prices, record food prices, record utility prices (actually those will climb much higher as soon as he is done with coal before 2016), record medical and drug costs and climbing… record number of ILLEGALS and illegal criminals released into general population, record number of mass killings and attacks in schools and public places….Nobel price is overdue for setting more records than all the presidents combined!
OBAMA_ that is what WRONG!
“Foreclosure considerably raises the probability of moving…” Well, yeah! This report was most likely written by two recent, clueless graduates.
Now we’re being referred to as “post-foreclosure migrants.” Nice!
Looks like the comments on this site are heavily moderated to comply with political correctness and unwavering loyalty to the current dictatorial administration…..
what total garbage!
people who have been through the diabolical process of fraudclosure
and lost everything they had worked for their whole lives will never be the same! never!
Smells like bullshit indeed. I’m finding most property management companies won’t even consider renting to someone with a foreclosure/eviction on their “record.” Private property owners want either a massive deposit or for you to pay 6 months in advance. Even when I offer to show proof the foreclosure process started when my loan was current potential landlords do not want to believe or hear it.
I see the same rental properties listed over and over again. We are in the worst economy of our lifetimes but landlords still think they can find tenants with an 800 FICO score and no missed payments.
The Federal Reserve Board is clueless.
“Ivent” – love your spunk!
Wake Up America, Thank You. These criminals have the whole country entrapped in this evil scheme…Time for the American people to start thinking like they do, way outside of the box.
Lies are like statistics, lies, more lies, and damned lies.
Unless this guy has walked in the shoes of someone who
has been ruined financially through foreclosure, he’s full of BS.
With credit ruined after a foreclosure, there’s no finding the same
standard of living unless they are walking around with pockets
full of cash. Most cases these families are unable to find a decent
place to live at a reasonable cost because they no longer have a
good credit rating.
This isn’t even a good attempt at propaganda on the authors’ part.
Excuse me….but someone from Boca Ratan FL saying the people who experience being evicted find they are better off afterwards than before….Boca Ratan is money speaking first off….it is not a poor area by all means. And an attorney from that area saying once the people get over the emotional loss of their home..they make plans to go on….What kind of plans??? That attorney must have meant looking for a job that is not there to be had….looking for food with no money….telling the kids some day they won’t have to sleep 4 in a bed….glueing the kids shoes that have fallen apart from wear…this attorney has never walked in those shoes of a family that has lost everything….those with .money can never explain the true feeling what others feel at a time of loss….especially when a deliberate ‘ act ‘ took the jobs out of America. ……….
Marilyn, yesterday the front page of the Chicago Tribune headline read: More Americans Fall Into Poverty…….. what this Fedspeak article is all about is very sneaky…Nazi propaganda….The History Channel is airing the rise of the Fourth Reich today at 4:00 pm cst…People should watch…..I said it many months ago what this is: strategic Nietsche style class warfare by the ruling elite……This link that I found the other day confirmed my beliefs…..Though it does not expose the head of this Oligarchy A/K/A the Illuminati and it explains alot about this commie operation that is leading towards Global Totalitarianism by this hidden Plutocracy, the shadow Govt also called the hidden hand………
http://jahtruth.net/illumin.htm
These are really arrogant and ignorant people….What goes around, comes around….You only get back from the world what you give and all they have give is a ton of stress, heartache and poverty…I doubt there is a person on Mainstreet who would agree that they are not much less secure now than they were before the manufactured financial crap..Many people are teetering on the brink, right where we were a few years ago…This was a plan and it was and is incredibly evil….These criminals robbed America of everything….and they are still not done…There has been not an ounce of political will to fix this mess and not one prosecution of one Wall Street criminal esp. the GSE’s and that right there says it all….This Governement has failed its people and they are corrupt, useless and traitors of America….Right now the hidden hand is committing strategic class warfare and no one, not one single soul is safe from this war that has been being waged since 9/11 on not only all of us but this is a war on our National Sovereignty. Wake up America….
Bullshit…..bullshit………bullshit……….
This is appalling!!! People are killing themselves and we have fools saying things are never better. ‘Yes, as long as TBTF Banks are back to profitability all is well. ‘ Also, I’d stay away from the particular attorney sited above.
Yep..just another day and another mil! Ain’t life grand. No prosecutions; business as usual.
Sheeeesh…….foreclosure is nerve-wrecking man, especially if you built your own home and own property. Banks like IMB wont even deal with you…. Its created tension with the spouse and is always on your mind. I dont know where this guy gets his info from but…….I can assure you Im not comfy with the future.
This guy is living on another planet called “Never Never Land”. There are people we tell about our nightmare, and don’t believe, or understand the mortgage crisis. Unless they personally experiencing this nightmare, they have no concept of what is happening to this country,and the financial crisis. We are fighting to keep our lives as normal as possible. So this guy should meet and talk to homeless families and see how their government has failed them. Oh yes. Our President has stated that HAMP was failure.
Yea your right!! Its amazing how so many people dont even realize all this stuff is going on….right under their noses. Complaining about home equity and dont have a clue why its diminished or gone underwater……..wake up America…this Big Bank stuff is for real.