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Could the new health care bill cause the next wave of foreclosures?


doctorI know it sounds crazy, but I got two calls from panicked homeowners yesterday that were convinced they were now going to lose their home. They were worried because they were already on a tight budget because of cutbacks at work, but as of today they managed to stay up on their home payments. But, when the health care bill passed they were worried now that they are going to be forced to buy health care insurance that they were no longer going to be able to pay their mortgage payment.

I told them, I wish I had an answer for them as I don’t know much about how the health care bill will work other than that it will help those who can’t get coverage because of pre-existing conditions. So, does anyone know how they are going to collect the premiums? Is this something that is going to come out of people already dwindling checks?

Could the new health care bill really cause the next wave of foreclosures? Inquiring minds want to know.

Respect Realty LLC (Expect More)


At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.


Reach out today, we look forward to talking with you!


Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)



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Comment balloon 13 commentsRespect Realty LLC • March 24 2010 03:08PM


Well, how are they going to pay for it?  Can businesses even afford it?  Caterpillar said it can't.  Can't blame your sellers for being worried.

Posted by Lyn Sims, Schaumburg Real Estate (RE/MAX Suburban) over 10 years ago


We are entering into such a realm of socialism in this country; my poor kid is going to be paying for this forever.

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 10 years ago

Todd - The good news--at least in this case it would be good--is that the bill won't begin to take effect for 3 more years, with some not until 2018.  We'll just have to wait and see how it may be modified and how the changes will ultimately impact all of us.  Right now, it's just academic.

Posted by John Mulkey, Housing Guru ( over 10 years ago

I have completely lost track of what the health care bill consists of, who will benefit, who will pay for it etc.  There have been so many "deals", so many talks about "options", I really don't know where we stand right now.  Does anybody?

Posted by Cynthia Larsen, Independent Broker In Sonoma County, CA over 10 years ago

OK, Todd!  Take a deep breath!  The people who are losing their homes are quite often without health care, and they (or a family member) get sick.  It pushes them over the edge.  In fact, many lenders are denying loans to folks who do not have health insurance!   While I'm not a huge fan  of this bill, I think that it's very, very important to have health insurance.  Even when I've had close calls with the wolf at the door, I've managed to scrape up funds for my mortgage and for Kaiser Permanente!  I've been fortunate.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 10 years ago

Todd, So far, I haven't heard a positive word about the health care bill so I can understand people's fears regarding what it really is made of, what it really will cost and when the people who put it together will not be subjected to the same guidelines, it makes me wonder...

Posted by Wanda Kubat-Nerdin - Wanda Can!, So Utah Residential, Referral & Relocation REALTOR (Red Rock Real Estate) over 10 years ago

Hi Todd, like John said, at least it is a few years off, so if the next wave of foreclosures isn't until then, things might be pretty much OK. Hopefully employment will be improving by then. Can you tell I'm a certified optimist?

Posted by Frank Kliewer over 10 years ago


A bunch of Congressmen are going to get pink slipped in November!


Posted by William J. Archambault, Jr. (The Real Estate Investment Institute ) over 10 years ago

Hi Todd ~ Funny that they don't think about losing their home if they get sick and don't have insurance. That prospect was brought home to me when a neighbor became ill with cancer.  Months later a foreclosure auction was scheduled.  Certainly gave me pause. 

When I broke my ankle four hours before my insurance was to kick in at my new job I had my "come to Jesus" moment re health insurance.  I've never questioned the need for coverage since. And luckily it turned out that COBRA is retroactive - gotta love those government mandates thank you very much.

I know that the way it works in Massachusetts is that if you don't have a form from your insurance company to submit with your state tax return you pay a penalty. I would imagine it will be something similar.


Posted by Elizabeth Bolton, Cambridge MA Realtor (RE/MAX Destiny Real Estate Cambridge, MA) over 10 years ago

Todd this is no laughing matter.  When they start jacking with 20% of the economy people will get burned.  This thing needs to be shut down and redone.

Posted by John Walters, Licensed in Louisiana (Frank Rubi Real Estate) over 10 years ago


Hadn't thought about it leading to foreclosures immediately.  It's hard to tell the specific impacts today.  Also, over time, we'll see the ways people continue to work the system.  

Hope your callers can hang in there!

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) over 10 years ago

Hi Todd-

I hadn't thought about it this way, but as a small business owner, I want to know how it will impact us and at what cost and required reporting. I hope that we don't see more of these calls.


Posted by Sara Woolford & Steve Golson, ALHS (iTexas Realty Co.) over 10 years ago


I doubt very much whether the passing of health care will cause the next wave of foreclosures. It has been the lack of health care coverage which has caused foreclosures in the past. The unknown realty of this bill, like other unknown realities, cause speculation. It is just that, speculation. As we learn more about the bill and it moves away from the politicizing rhetoric, then I think we will be able to assess its pros and cons.


Posted by Cal Yoder, Homes For Sale in Lancaster PA - 717.413.0744 (Keller Williams Elite) over 10 years ago

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