Advocating For Consumers In Bankruptcy Filings For More Than 25 Years

What happens to kids when homes are lost to foreclosure?

On Behalf of | Apr 23, 2012 | Firm News, Home Foreclosure

Foreclosure and the mortgage lending industry are topics that of course we discuss every day but the general public discusses and thinks about as well. But those conversations about the foreclosure crisis, predatory lending and bad mortgages tend to focus on who is to blame and where things went wrong.

A recent report by First Focus takes a different view at the pertinent subject. The bipartisan group looks at the home foreclosure crisis in the U.S. and how it has affected children. The study sought to answer how many children are affected by home foreclosure and also how being forced to move from their home takes a toll on kids.

How many kids have been affected by foreclosures?

  • More than 2 million kids have had to move from their homes due to foreclosure
  • On top of that, an estimated 3 million more kids could soon be added to that list because their parents’ homes are currently at risk of being taken away due to delinquent loan payments
  • 15 percent of kids in Florida have moved from homes or soon could due to foreclosure

First Focus takes its report beyond numbers. It’s so easy to get wrapped up in statistics. In order to get a better grasp on the problems of foreclosure it is helpful to know the day-to-day consequence that losing a home has on a child. Kids reportedly can suffer from medical issues as a result of the stress, and they also suffer academically. Their test scores in math and reading go down.

A home is more than walls and a roof. It is a place where kids find a sense of safety, security and stability. Perhaps by putting children’s faces to the foreclosure crisis the country can get closer to finding a long-lasting, reasonable solution to the problem.

Source: Chicago Sun-Times, “Study: Foreclosures take toll on kids,” Julie Schmit, April 19, 2012

Our Blog