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Housing & Homelessness

Mortgage Servicing News

According to First Focus, a nonprofit bipartisan children’s advocacy organization, 8 million children will be affected by foreclosure in owner occupied properties and repossessed rentals. This would include 2.3 million who have already experienced foreclosure, three million more who are at serious risk of losing their homes in the near future, and finally 3 million who have been or will be evicted from foreclosed rental properties.

Events such as foreclosure have a very profound effect on children in many ways. Families that receive foreclosure notices are more likely to move causing midyear school disruptions.

The study showed that for every forced move, reading and math scores dropped so dramatically it was equal to the child missing a month of school. Further, the study shows that parents under financial stress often interact with the children differently, and tend to provide less supportive parenting, which can lead to negative behaviors.

 

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