Thursday, May 11, 2017
Will New Immigration Rules Affect Foreclosure Rates?
In border towns all across the country families are running scared at the prospect of implementation of new immigration laws. President Trump’s promise to tighten up the border and deport illegals has seen some action, and more is likely to come. And while we can all agree on the need to keep our country safe and free from terrorism, there are other things to consider when talking about immigration. One thing that has been widely accepted as a big sub-issue to the immigration debate is the loss of qualified and hard workers. But a lesser known topic is how a loss of a large number of the population could affect the foreclosure rate.
Here are a few ways new immigration standards could cause the foreclosure rate to rise:
• Many workers without the legal right to be in the country live with people who are here lawfully. These family members help to pay the bills, and if their income disappears then the possibility of more mortgage loan defaults increases.
• Those that have not yet been deported, but live in constant fear of the same, may decide to vacate their home rather than being removed forcibly. This might not sound like a foreclosure, but when a home is abandoned the lender still has to take steps to take it back. If the owner signs the home back to the lender a foreclosure can be avoided, but that is not a likely event when the people living in the home are afraid of being forced out of the country.
• Some families may begin skipping payments on their home loan, in anticipation of being deported. If the possibility of being removed from the country is high, we could see a rise in missed house payments as the families begin to save their money for other expenses and travel out of the country.
This problem could lead us to foreclosure rates that are near record highs. The balancing act is a delicate one, and in order to save your house you have to stay one step ahead of potential threats. If you are struggling to make ends meet, take action now rather than wait for it to be taken for you. We can explain financial options to you, and help you make wise choices.
For more information about foreclosures, call us today or reach us online at www.law-ri.com. We have multiple locations to serve you and can schedule a time to meet at the office most convenient for you.