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Short Sale vs Foreclsoure: The Children
by The KCM Crew on July 30, 2012 This week, we have looked at the advantages of a short sale over a foreclosure from five different perspectives: Sellers’, Neighborhoods’, Banks’, Prices and the Children. – The KCM Crew We were recently troubled by the findings of a research paper authored by Julia Isaacs of the Brookings Institute for the organization First Focus which was titled The Ongoing Impact of Foreclosures on Children. In the report, Ms. Isaacs quantified the number of children that have been impacted: 2.3 million children have already lost their homes to foreclosure 3 million additional children are at risk of losing their home She also noted the four ways foreclosures may affect children negatively: Families receiving foreclosure notices are much more likely to move than other families. Children who move frequently do less well in school. Homeowners receiving a foreclosure notice are under a lot of financial and psychological stress. Parents under financial distress sometimes engage in harsher and less supportive parenting. This can lead to negative behaviors on the part of children, making it harder for them to interact well with peers and in school. Foreclosures have a negative impact on physical as well as mental ... more

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