Foreclosures Stop Increasing, But Some Chicago Homeowners Still At Risk
No news is good news - especially when it comes to the recent rate of foreclosures.
After a sharp rise in foreclosures during the recession, the number of folks facing home loss remains unchanged from last year. Furthermore, one-third fewer homeowners are receiving those dreaded foreclosure warnings, according to the Associated Press.
But don't breathe a sigh of relief just yet - especially if you're dealing with too much credit card debt or other financial strains that affect your ability to pay the mortgage.
Today's foreclosure numbers still aren't good. The statistics may be skewed because banks are holding foreclosed homes temporarily to avoid flooding the market - and experts are predicting a fresh wave of foreclosures in coming months if the unemployment rate stays high. Many folks are either without a job or suffering from pay cuts. They're ringing up more debt on top of debts they already have.
As a result, one in ten Americans has skipped a mortgage payment. If you're included in that group, you can't afford to be in denial, or tell to yourself that things will get better tomorrow. If you want to keep your house, you need to take action to make sure things will get better tomorrow. Bankruptcy is a surefire way to do just that.
When you file for bankruptcy, a legal action known as an automatic stay can protect your home from foreclosure while you work out an affordable way to lower your debt. Insurance from foreclosure while also freeing up your finances? It doesn't get much better than that - except when you can get a free consultation with a bankruptcy professional. Good news - you can! Right now you can sign up for a complimentary one-on-one debt analysis with a Chicago bankruptcy lawyer to find out if bankruptcy can keep a roof over your head. So you can finally breathe that sigh of relief.