Foreclosures happen every day in the city of Memphis and across the country. Articles and news anchors talk about it like a normal event. But as an attorney who works with people facing foreclosure in Memphis, I can tell you nothing about foreclosure is normal for the people going through it.
Foreclosure is a traumatic event that has lasting impact on everyone it touches. Here are just some of the ways foreclosure affects the people of Memphis and the communities around them.
Physical Health and Foreclosure
Study after study has shown a link between foreclosure and health problems, especially psychological stress, depression, and anxiety. Some people facing foreclosure deal with suicidal thoughts. (If you or anyone you know is struggling with serious mental health crisis, help is available. Call the National Suicide Prevention Lifeline at 800-273-8255.)
Beyond mental health, extreme stress as a result of foreclosure has been connected to fatigue, high blood pressure, heart disease, and more. Plus families facing foreclosure often don’t have the resources to see doctors and mental health professionals. As a result, at one of the most stressful moments of their lives, they face the physical tolls alone.
Children impacted by foreclosure also deal with serious mental health problems, made worse if they have to change schools and uproot their lives. They lose their sports teams, church groups, and other support systems right when they need it most.
Community Loss from Foreclosure
Every foreclosure has ripple affects across a community. When families move out of neighborhoods where they’ve put down roots, they leave behind everything they’ve built. Children lose their friends, churches lose their Sunday School teachers, and neighbors end up with strangers at best, or empty houses next door at worst.
Homes facing foreclosure or abandoned to the banks often sit desolate for months or years. This impacts home values up and down the block. It also leads to blight—a common issue in Memphis—which makes a neighborhood less safe and enjoyable for its residents.
It’s in every community’s best interest to keep foreclosures at a minimum so families can enjoy a stable neighborhood with people they know and love.
Understanding Your Rights
If you’re facing foreclosure, you have the right to stay in your home until the foreclosure is finalized. That usually takes a few months. Once the process is complete, the bank can evict you within a matter of days.
For renters in foreclosed homes, the rules are a little different. Under the Protecting Tenants at Foreclosure Act of 2009, you have until the end of your lease or, if renting month-to-month, 90 days. If the new owner plans to move in, they can make it only 90 days regardless of your lease. And in some cases, they can offer to buy you out of your lease.
If you don’t have any plans to stop foreclosure (see below) or if you’re renting, you should mentally prepare for a move once you hear the foreclosure is underway. This will help with your own mental health, because moving is stressful enough on its own.
Stopping a Foreclosure in Memphis
For the vast majority of homeowners, it doesn’t have to come to this. For over 30 years, I’ve helped stop foreclosure in Memphis every single day, and I can help you, too.
Bankruptcy puts an immediate stop for foreclosure. It allows you to keep your house, get out of debt, and move on with your life.
A lot of people think stopping foreclosure just means you don’t have to move, but we know better: it means you get your mental health back. You get to keep the most valuable asset you have. You can focus on your family and life. And it means your community stays healthy and vibrant.
If you’re facing a foreclosure, don’t wait. It’s time to put a stop to it and move forward. That’s what we do at Darrell Castle & Associates, and we’re very good at it.
Call me today at 901-327-2100 or just fill out the form below.