Those who have never had to struggle with the financial disaster of foreclosure may be surprised to learn that many delinquent homeowners also risk danger to their physical and psychological wellbeing.

Data from 2,500 people over age 50 informed a group of researchers that those who fell behind two months or more on their mortgage payments were more likely to suffer from depressive conditions and food insecurity (i.e., not having enough), as well as a lack sufficient funds to purchase prescribed medications.

It appears that many homeowners are adopting "unhealthy choices," as they struggle to keep their mortgage loans up to date.

"People are making unhealthy trade-offs when they're trying to make their mortgage," said Dawn Alley, an assistant professor at the University of Maryland School of Medicine and one of the study's primary authors. "We think it's a very serious issue."

Sadly, the dramatic rise in foreclosure actions since the real estate crash and the global recession have only served to exacerbate this dangerous phenomenon.

Interestingly, the study - published in the most recent online edition of the American Journal of Public Health - determined that delinquent homeowners over age 50 were 22 percent more likely to develop increased depressive symptoms, as compared to only 3 percent of non-delinquent homeowners.

Combined with not consuming enough healthy food and avoiding prescribed medications, depression can pose serious health risks.

"Depression, not taking medications and not spending enough money on nutritious food can exacerbate conditions you already have," said Alley.

Although this study focused on people beyond age 50, researchers predict that younger homeowners will likely similar health problems should they encounter foreclosure threats or actions.

With no firm indicators that the U.S. housing market will rebound or that the job picture will improve, delinquent homeowners of all ages may want to consider bankruptcy to help safeguard their homes and reorganize their finances.

Stay tuned for further developments from our Phoenix bankruptcy blog ...

If you are facing foreclosure, you should strongly consider contacting an experienced bankruptcy attorney to learn more about your rights and your options under Chapter 13 bankruptcy.

This post is for informational purposes only and is not to be construed as legal advice.

Source:

USA Today, "Study: Foreclosure crisis threatening Americans' health" Oct. 21, 2011