Children and the Housing Crisis
It’s no surprise that a recent report found Arizona children have been hit hard by the foreclosure crises and recession. Twelve percent (12%) of Arizona kids live in households that have already lost their home to foreclosure or are likely to go through a foreclosure sale in the near future.
Losing a home to foreclosure can be devastating to the whole family, but the loss can affect children in ways we may not have realized. According to the Brookings Institute Report written by Julia Isaacs, some of the negative effects of foreclosure include:
- Kids do less well in school. Frequent moves or changing schools, especially at certain ages, may results in lower math and reading skills and may be connected to higher dropout rates as children struggle with social and academic adjustments.
- Stressed out parents. When a family is in financial crises, the tension and strain is evident in the interaction between parents and children. Parents tend to clash more and be less patient and supportive of their kids.
- Neglected physical and mental health. Unfortunately, parents may skip the routine medical and dental checkups for themselves and their kids, sometimes even going so far as to cut back on essential medications in order to pay other necessary expenses, such as food, gas and the mortgage.
- Environment impact. The foreclosure wave leaves neighborhoods riddled with vacant homes which can lead to more crime and less neighborhood unity.
If you or someone you know is fighting to keep their home, please give me call. I have been able to help homeowners save their home with the foreclosure sale just hours away. We were able to negotiate a meaningful loan modification without having to bring the loan current or pay all the late fees and arrears up front.