One Million Foreclosures Predicted In 2008
A recent press release issued by RealtyTrac, a national database for foreclosed properties, said recently that if foreclosure filings continue on their current pace, one million homeowners will lose their homes in 2008, up from 400,000 in 2007.
Recent economic news leaves little doubt that more foreclosures are likely this year. Trouble in the credit markets and falling home prices have made refinancing a home to access equity in order to solve your debt problems all but impossible.
If you are having financial problems and are in danger of losing your home to foreclosure, there are options that will stop the foreclosure process.
Contact an experienced bankruptcy attorney to review your situation and see if Chapter 13 bankruptcy will save your home. Filing bankruptcy will put in place an automatic stay that requires your creditors to cease all collection activities, including foreclosure proceedings.
Under Chapter 13 bankruptcy, you will be allowed to combine any back house payments into the Chapter 13 payment plan. As long as you can continue to make your monthly mortgage payments and make timely payments on your Chapter 13 plan, you will get to stay in your home.
Both the Democratic and Republican presidential candidates have said recently that keeping more people facing foreclosure in their homes should be a top priority. But help from the federal government may come too late to save your home if you are already facing foreclosure.
Protecting your home from foreclosure is essential to your financial future. For many Americans, their home is the largest investment that they have. Hanging on to the equity you may have in your home is central to your future financial stability.
