In a Florida study that could shed light on other financially strapped households, homeowners who faced foreclosure during the housing bust were not driven into that situation by a single factor but were victims of multiple issues that left them financially strapped, according to a study for the Florida REALTORS®.
“What we found in talking with people who’ve gone through foreclosure is that there’s a ‘plus-one factor,’ meaning job loss coupled with other circumstances such as divorce or health problems that usually led to homeowner distress,” says Joel Searby, director of marketing for Strategic Guidance Stems, which conducted the survey.
Other findings:
• 20 percent had incomes between $50,000 and $75,000; 20 percent had incomes greater than $100,000.
• 55 percent had attended college or graduated.
• 92 percent were married.
• 35 percent had lived in their homes for 10 years or more.
• 40 percent had lived in their homes five years or less.
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Source: Miami Herald, Toluse Olorunnipa (04/07/2010)
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Thanks for the information. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption.