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Turning everywhere, getting nowhere: experiences of seeking help for mortgage delinquency and their implications for foreclosure prevention

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  • Desiree Fields
  • Kimberly Libman
  • Susan Saegert

Abstract

The growing literature on financial, demographic, and institutional aspects of the foreclosure crisis largely neglects the experiences and actions of homeowners. This in-depth account of homeowners' responses to mortgage delinquency and the success of the strategies they employ to prevent foreclosure is based on focus groups conducted in 2006 with low- and moderate-income homeowners, and nonprofit housing professionals in five US cities. The events precipitating mortgage delinquency often set off a cascade of trouble placing multiple demands on homeowners' financial, emotional, and social resources. Homeowners pursued foreclosure prevention assistance from a variety of sources including their lender, social welfare agencies, and nonprofit homeownership organizations, but encountered many obstacles to resolving mortgage delinquency. Their unsuccessful attempts to secure assistance contributed to financial and emotional strain and sometimes worsened prospects of preventing foreclosure. Despite the numerous federal policies developed to address the problem of foreclosure, the experiences described by participants in this study continue, indicating the need for more systematic, enforceable, and preventive policies to address foreclosures in the future.

Suggested Citation

  • Desiree Fields & Kimberly Libman & Susan Saegert, 2010. "Turning everywhere, getting nowhere: experiences of seeking help for mortgage delinquency and their implications for foreclosure prevention," Housing Policy Debate, Taylor & Francis Journals, vol. 20(4), pages 647-686, September.
    • Handle: RePEc:taf:houspd:v:20:y:2010:i:4:p:647-686
    DOI: 10.1080/10511482.2010.503710
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    Citations

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    Cited by:

    1. Janet Currie & Erdal Tekin, 2015. "Is There a Link between Foreclosure and Health?," American Economic Journal: Economic Policy, American Economic Association, vol. 7(1), pages 63-94, February.
    2. Christopher Niedt & Brett Christophers, 2016. "Value at Risk in the Suburbs: Eminent Domain and the Geographical Politics of the US Foreclosure Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 40(6), pages 1094-1111, November.
    3. Alexander C Tsai, 2015. "Home Foreclosure, Health, and Mental Health: A Systematic Review of Individual, Aggregate, and Contextual Associations," PLOS ONE, Public Library of Science, vol. 10(4), pages 1-21, April.
    4. Anna Jefferson, 2015. "“Not what it used to be”: Schemas of class and contradiction in the Great Recession," Economic Anthropology, Wiley Blackwell, vol. 2(2), pages 310-325, June.
    5. Susan Saegert & Andrew Greer & Emily P. Thaden & Donald L. Anthony, 2015. "Longing for a Better American Dream: Homeowners in Trouble Evaluate Shared Equity Alternatives," Social Science Quarterly, Southwestern Social Science Association, vol. 96(2), pages 297-312, June.
    6. Keene, Danya E. & Lynch, Julia F. & Baker, Amy Castro, 2014. "Fragile health and fragile wealth: Mortgage strain among African American homeowners," Social Science & Medicine, Elsevier, vol. 118(C), pages 119-126.
    7. Chunhui Ren, 2020. "A Framework for Explaining Black-White Inequality in Homeownership Sustainability," Demography, Springer;Population Association of America (PAA), vol. 57(4), pages 1297-1321, August.
    8. Russell, Blair D. & Moulton, Stephanie & Greenbaum, Robert T., 2014. "Take-up of mortgage assistance for distressed homeowners: The role of geographic accessibility," Journal of Housing Economics, Elsevier, vol. 24(C), pages 57-74.

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