According to RealtyTrac, 1 in 70 homes have received foreclosures notices since January, 2010 – a total of 1.7 million houses in the U.S. Was your Santa Cruz home one of them? In previous blogs, we’ve covered several ways to avoid foreclosure, but a rising trend has brought another possibility to the forefront.
According to a recent Pew Research Center study, many individuals are surviving the economic blues by expanding their households. By the end of 2008, more than 16%, or 49 million, of Americans lived in a household with more than one generation. Although the statistics aren’t back yet for 2009 -2010, experts expect the numbers to be even higher.
These Americans aren’t all young college graduates moving back in with mom and dad, either. Parents have moved in with children, children with parents – somehow, even siblings have managed to live together in relative harmony. This trend spans across the board from single parents to elderly grandparents. According to the report, approximately one in five adults ages 25 to 34 and 65 + live in a multi-generational home.
Are you suggesting I let family members move in?
Actually, yes I am. Now, depending on your family dynamics, I realize this might be the equivalent of inviting World War III to your doorstep. However, if you face losing your Santa Cruz home to foreclosure, you might at least stop to consider the possibilities. For instance:
• More working people in the household means more ability to pay the mortgage and stop the foreclosure.
• With more family members, you have a stronger family influence on children living in the home.
• With more people, responsibility is shared more. You won't need to do everything on your own.
No, it’s not an ideal situation. However, if you’ve said, “I’d do anything to keep my home,” did you mean it? Does the definition of “anything” include family World War III? Could you sit down with your family members, work out a set of compromises and live in harmony? If you’ve tried everything else, this may be your best bet for avoiding foreclosure on your Santa Cruz home.
You never know; you may even come to like it.
If you’re looking for a home to support a multi-generational household, I can help.