We were recently troubled by the findings of a research paper authored by Julia Isaacs of theÂ Brookings Institutefor the organizationÂ First FocusÂ which was titledÂ The Ongoing Impact of Foreclosures on Children. In the report, Ms. Isaacs quantified the number of children that have been impacted:
She also noted the four ways foreclosures may affect children negatively:
TheÂ Official Journal of the American Academy of PediatricsÂ just published aÂ reportÂ on the impact of the housing crises on child abuse. Their conclusion:
â€œMulticenter hospital data show an increase in pediatric admissions for physical abuse and high-risk traumatic brain injuries (TBI) during a time of declining all-cause injury rate. Abuse and high-risk TBI admission rates increased in relationship to local mortgage delinquency and foreclosure trends.â€
If you find that one of your clients is at risk of foreclosure, explain their options. The newÂ National Mortgage SettlementÂ might give them a pathway to stay in their home.
You can get information on the opportunities the settlement offersÂ here.
However, if they have exhausted all their options and now must decide between a short sale and foreclosure, help them analyze what is the best decision for themselves and their families.
In most cases, a short sale will be the better option for them and their children as they will be able to have some control over the moving date and the move itself. This will create a level of dignity in the move that will alleviate some of the pressure on the parents and as a result lead to more effective parenting.
by theÂ â€“ The KCM Crew