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More Older Americans at Risk of Foreclosure

While reports emerge about the nation’s improving housing market, the effects of the ongoing foreclosure crisis still affects millions of Americans, especially the elderly. The American Association of Retired Persons (AARP) recently reported that nearly than 600,000 people age 50 and older are facing foreclosure, and an estimated 625,000 are at least 90 days delinquent on their mortgage payments. At the end of 2011, nearly three percent of loans held by older Americans had been foreclosed; eight times the number of foreclosures affecting older homeowners in 2007 (the year before the crisis).

The report also highlighted an even bigger problem for older homeowners: the vanishing equity in their homes. 3.5 million older homeowners are now “underwater” in their mortgages; meaning that they now owe more on their mortgage than the property is worth. This dilemma prevents many from downsizing or creating additional retirement income from selling their home for a profit.

The problem is compounded when these homeowners (many of whom live on fixed incomes) fall behind on payments or have little savings. According to a report by the Federal Reserve, just over half (51 percent) of families headed by people aged 64-74 had no retirement savings. Among families headed by a person aged 75 or older, two-thirds had no such savings.

For those forced back into the workforce, the situation is not promising. Older Americans have fewer working years left to build back what they may have lost, and do not have the same earning power as they once did. With few options to increase income and pay down debt, older homeowners often succumb to foreclosure.

These issues exemplify the need for elderly homeowners to understand how foreclosures work, and the various options available to prevent them from losing their homes. For example, a Chapter 13 bankruptcy may be an option in order to save a home. The automatic stay imposed through a bankruptcy filing buys a debtor more time to establish a repayment plan. No collection efforts may take place while the stay is in effect. As such, foreclosure proceedings are halted as long as a foreclosure sale has not taken place.

A bankruptcy can also reduce (or eliminate) other troubling debts, such as high interest credit cards and medical bills, making it easier to afford the mortgage. Moreover, bankruptcy allows a debtor may keep assets accumulated through a retirement plan (instead of sacrificing them in an attempt to pay down bills) and remain in possession of the home while following a court-approved payment plan.

Troubled homeowners also have the option of seeking a mortgage modification, which would lower payments to match the current value of the property and the homeowner’s income.

If you are facing foreclosure, it is important to understand all of your legal options, even before considering bankruptcy. Contact an experienced attorney to learn more.

Article provided by Law Office of Robert Braverman, LLC
Visit us at www.bravermanlaw.com

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Pressure ulcers in the elderly

It is a usual health issue, especially among the bedridden elderly and people who are suffering from chronic illness. Even though 70% of ulcers happen to people who are above 65 years, it can also occur to young people who have neurologic impairment or severe illness. The treatment includes control of infections, elimination of necrotic tissue and continuation of moist surrounding for healing of the wound.

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Symptoms

The initial symptoms of pressure ulcers can be discomfort or changes in the color and temperature of the skin. It can be seen on any portion of your skin which has continuous touch with things like bed or wheelchair.

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There are other initial symptoms that include:

Redness and swelling of skin
Skin becomes either warm or cold
Skin becomes darker and when pressed doesn’t turn white
Pain and itching
The critical pressure sore symptoms can be:

Open and crater-like wound
There is severe pain and injury on the muscles, tendons and bones.
Burning sensations
If you see these signs and symptoms in yourself or your loved ones above 60 years, then you need to get in touch with your doctor immediately.

Risk factors

Your skin turns thinner and more sensitive to get damage, as you grow older. It can also happen because of the reasons mentioned below:

Inactivity: There is continuous pressure on the skin due to bad health, damage in the spinal cord or any other reasons. This can develop pressure ulcers.
Malnutrition: Poor diet is one of the reasons to develop ulcers. When you include healthy nutrition and balanced diet, then the chances of ulcer become lower.
Age: People may be at great risk as they grow older. As infants are not able to change their position by themselves, in the same way, elders who have certain health issues, also may not be able to change their positions. It may lead to the problem of pressure ulcers.
Treatment

Treatment of pressure ulcers may involve reducing pressure, sanitizing wound, usage of suitable dressings and antibiotics, and consuming healthy and balanced diet.

Reducing pressure: You should not give pressure to certain part of your skin. You need to change your position every 10-15 minutes, if you are on wheelchair or in bed. You can take help of pillows or any other support to make you comfortable.
Wound cleansing: You can take doctor’s advice to clean the wound with mild soap and water. Your doctor may also recommend cleaning with a saline rinse. You need to ensure that in order to dry it, you tap the area instead of rubbing it.
Dressing: You can ask your doctor to cover the wound with a particular dressing or bandage.
Eat balanced diet: You need to eat nutritious food and take enough sleep to assist your body to cure. Healthy nutrition is important to heal any kind of wound or illness.
Prevention

The development of pressure ulcers can be prevented by regularly repositioning yourself after sometimes. It will prevent stress on particular part of the body. Few tips to prevent this include-

Take good care of your skin
Manage stress
Frequently move or reposition your body
Maintain healthy diet and fluid intake
Exercise daily
Conclusion

Pressure ulcers can lead to chronic co-morbid diseases. You should always get in touch with your doctor if you see any kind of blisters or an open wound on your skin at an old age.

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What Should An Ideal Housing Finance Company Do For You?

Finding the right housing finance company is perhaps one of the most important aspects during the selection of your home loan. Any individual, who has been trying to get a housing loan, would agree that there are innumerable companies today that provide housing finance in India. Be it nationalised and private banks, finance institutions or home loan brokers – all these offer home loans in this day and age. It could be very challenging to understand the appropriate selection criteria of a reputable and dependable housing finance company in India. Here are some of the benefits that will help you to identify a suitable organization for your home loan:

• Customer friendly: Most of the housing finance institutions in India are driven by rules and regulations. Some of the biggest organizations in India are nationalised banks. They adhere to very strict standards of criteria, processes and documentation. However, a customer friendly organization would reduce the processing and services fees, provide a customized house loan and support the customer during the repayment process.

• Services & features: There are several services and features of home loans that can support the customer requirements well. For example, some organizations offer excellent home insurance products along with their loans. There are other organizations that offer credit cards, loyalty discounts and excellent services as well.

• Faster loan processing units: Some housing finance companies are known for their efficiency while others are known for their delays in the home loan process. This is a very important factor while selecting an organization. A faster loan processing unit would be important for home buyers, who have an urgent deadline. A nationalized bank may or may not be the best choice at this point if the process for the loan hasn’t already begun.

• Negotiable interest rates: The best home loans in India are not the ones with the non-negotiable interest rates. A right home loan candidate would receive an optimized interest rate, choice of floating, fixed or hybrid loan structure, easily accessible documents and the apt tenure. Most loans calculate interest rates on the basis of a customer and his repayment ability. If a strong process is in place, it would help one receive a home loan much faster than usual.

In other words, the organization you choose is the most powerful factor with respect to your home loan. Borrowers should conduct extensive research about the best companies, ask a lot of questions and read the fine print carefully before agreeing to the loan. Speak to the existing customers – the best resource to understand flexibility, repayment structure and the level of support the lender provides.

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