Foreclosure Mess Affecting America’s Youth

by Donald Hanz on Foreclosure Crisis

Considering that the problem in the subprime mortgage industry has started over a year ago, there has been growing concern about the effects of the rising foreclosure rate on America’s youth.

People should not forget that homeowners who are facing the possibility of losing their home to foreclosure might have kids. These overlooked victims are actually facing problems related to leaving their school and friends behind once the property is repossessed. Some are even forced to take on part time jobs to help their parents or stay at home to care for their younger siblings. Most of these children have also given up on the idea of going on a family vacation or joining summer camps because of the lack of financial resources.

In a recent study, researches have found out that impact of the foreclosure crisis on the children is actually considerable. In fact, it is estimated that there will be over 2 million kids who will be affected directly by the housing crisis by the end of the year.

Another study showed that at least 77 percent of children who moved from home to home exhibit behavioral problems. In addition to not having a place they could call home, these children may not receive proper health care.

For distressed homeowners with children, experts are recommending that they be upfront and honest. Discuss the situation in depth and explain all possible outcome. Most parents fail to realize that their children’s lives will be affected as well and do not include them in their decision-making process.

Even if it is difficult, parents should try hard to provide a sense of stability and security since these are vital to them. Although some children might have difficulties expressing their distress over the foreclosure, parents should understand that they too are experiencing stress.