Foreclosure rates actually dropped in April of 2010, and a trend is becoming apparent. Foreclosures may still be filling up the home market, but the trend is, and some experts are foreseeing, that these types of problems may be finally a thing of the past. We are not quite out of the woods yet. Bankruptcy rates nationwide are still high. However, recent months have shown increases in job creation; more jobs mean more money, and more money means consumers can now have a precedent to avoid problems such as bankruptcies.
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What does this foreclosure decline mean to homeowners? How can you avoid foreclosure? And what's the best way to handle a upcoming or ongoing foreclosure process?
For home owners, it's clear that the danger is still here. The economy lost a lot of jobs, homes, and money. However, experts are pointing out it simply cannot continue this way. It isn't. Foreclosures are finally declining, and home owners are getting new and better jobs. Job creation has grown more in the so far in 2010 than in some time.
How can you avoid going into foreclosure? There are many important assets to inquire about not only on the web but via the phone. You can hire an attorney to help you handle a foreclosure property.
Perhaps a Chapter 13 bankruptcy is in order. Why file,when you cannot afford the property? If there is no way to pay on the mortgage, foreclosure may leave you no options. However, if you put a lot of time and money into this home, it's value is more than you paid. You might be able to sell it quickly and with a lot of luck. You may be able to use a short sale agreed to by the lender to eliminate what you owe. On the other hand, the best option may be to fight and keep the home -- and that means Chapter 13 bankruptcy. This form allows you to keep your home: a judge will put automatic stay on your home and you can find a way and means to pay it.
Yes, you have to pay the money with Chapter 13, but at a better rate, over a 3-5 year period, and you will not lose the home. Paying all your debts may seem problematic. Why not discharge debt with Chapter 7? You will lose your home in most cases there. Selling your home may be easier, but if you want to keep it, Chapter 13 may be best.
Handling a foreclosure can be tricky. If you feel you can keep paying on the home, but need some extra time, Chapter 13 must be initiated before the foreclosure process begins. If you wait to file, filing for bankruptcy won't matter; you'll lose the home. On the other hand, if you sell quickly, you may be able to pay back what you owe to the lender and be free and clear.
The best things you can do are read up on filing, contact an attorney experienced in foreclosure and bankruptcy, and plan for your future.
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