Thirty Somethings Most at-Risk for Underwater Mortgages
A recent article from the Atlantic, Why Twenty-Somethings Aren’t Doomed to Be Poor (but Thirty-Somethings Might Be), suggests that the thirty-something generation has the largest ratio of underwater mortgages–that is, they owe more money on their homes than the homes are worth.
The thirty-something generation began purchasing homes just in time to be affected the worst by the mortgage crisis. Now, they face more underwater debt than most other homeowners. The twenty-something crowd had yet to purchase homes before values plummeted and older generations are less heavily affected by inflated home prices. Those in the thirty-something generation now have more debt to work out before they can get back ahead and begin saving for the future.
Bankruptcy is an alternative for many Americans-of all generations-who are underwater on their mortgages or find themselves saddled with too much debt. It allows individuals and families the opportunity to eliminate or restructure debt and move forward with a fresh start.
If you are in a situation where you on contemplating bankruptcy or simply just exploring options to avoid foreclosure, please schedule a free consultation with the Keeling Law team. We want to help you!
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