Study Finds Failing Health of Americans Tied to Foreclosure Rates

As foreclosure rates in the United States continue to rise, the health of affected homeowners continues to decline. According to researchers at Princeton and Georgia State University, the increase in foreclosure rates seems to correlate with a rise in anxiety, hypertension, diabetes and suicide attempts.

According to many polls, this summer Americans were more worried about the economy than any other issue. The concerns may have been aggravated by the continued political standoff in Washington and the national credit downgrade by Standard and Poor's. As a result, more and more Americans are suffering from mental and physical side effects such as major depression and an increase in compulsive behaviors such as alcoholism and gambling.

For homeowners facing foreclosure, the outlook may appear dismal, frightening and hopeless. However, there are options available that may help avoid foreclosure or at least minimize the stress and anxiety during the process.

Options for Homeowners Facing Foreclosure

One such option is to contact your lender directly. Remember, neither your lender nor the government want to own your house. They would much rather work with you to keep you in your home. Before you contact your lender, make sure you have all pertinent information at hand and are well prepared to answer any questions relevant to your current or past employment and current financial situation.

Additionally, the federal government has put into action a number of programs to help homeowners who are struggling to make their mortgage payments and are at risk for foreclosure. While these programs have laudable goals, many homeowners have found qualifying for government assistance difficult.

Filing for Chapter 13 bankruptcy is yet another option for distressed homeowners. A Chapter 13 bankruptcy stops the foreclosure process and gives homeowners the chance to reorganize their finances and develop a manageable payment plan.

If you are struggling to make your mortgage payments or have questions about foreclosure, contact an experienced attorney to answer your questions and guide you through your available options.