Foreclosures Level Off, But Remain a Risk for Many Atlanta Homeowners
Sometimes good news can be dangerous - take the most recent foreclosure numbers, for instance.
For the first time in years, the foreclosure rate has steadied, according to the Associated Press. A third fewer homeowners are opening up our mailboxes to find letters warning that, if we don't pay up, we'll lose our home. It seems like things are finally getting better.
But, while encouraging, those numbers don't tell the whole story - especially for those of us dealing with credit card debt and other financial strains.
One out of every ten homeowners in the U.S. has missed a mortgage payment - that's not good. In some cases, banks will allow homeowners to stay in their home for a few months after they stop paying because realtors don't want to swamp the market with foreclosures.
Foreclosure is still a very real risk for a very large number of people. Many of us are still in debt. Many are either unemployed, at risk of losing our jobs, or bringing home smaller paychecks. No matter what the numbers say, your risk of foreclosure depends on your individual situation. And if you're not in a good place financially, you need to come up with a plan if you want to keep your house.
Sure, it's possible that your bank might let you crash for a couple months after you stop writing mortgage checks. But while it will buy you some extra time to find a rental, but there's no denying you're still going to be out of your home eventually. This is not the time to be in denial, or hope for the best. It's the time to fight for your freedom - the freedom of having your own roof over your head. Bankruptcy can help you win that fight, thanks to a legal action called the automatic stay.
When you file for bankruptcy, an automatic stay protects your assets - including your home - while you either pay down debt or have it discharged. It's hard to beat that kind of deal - especially when you can find out more about bankruptcy, and how it can work for you, for free. Simply sign up for a complimentary personal debt analysis with one of our Atlanta bankruptcy attorneys. We can't change the foreclosure statistics, but we can help make sure you don't become one.