Rising Home Prices Means Good News for Atlanta Homeowners
Atlanta homeowners who have been underwater in their mortgage might have just been thrown a lifesaver.
This February, housing prices increased for the first time since the end of 2006 - almost four years ago, according to The Standard & Poor's/Case-Shiller housing price index. With values finally on the rise, homeowners can breathe a sigh of relief knowing that they'll start rebuilding equity. That's the good news. The not-so-good news? No one knows how long prices will rise - or by how much.
But in the end, that doesn't really matter. What matters is that you stay in your house so you can take advantage of future home values. That means that if you're at risk of foreclosure, it's time to take preventative action.
There's no more important - and useful - asset than a home. Unlike a car, computer, furniture, cell phone or any other part of your day-to-day life, your house offers you a place to sleep at night - a permanent shelter. But it offers other, less basic benefits - like a long-term investment. Also unlike most assets, a house tends to appreciate over time. Even if it drops in value for a couple years, in the long run it will go up. People will always need a place to live.
Do you really want to give up all those benefits in the future just because your home is worth less today than when you bought it? If you walk away from your mortgage - or give in to foreclosure - now, you'll have nothing to show for all the hard-earned money you've already paid in to your house. And somebody else will take advantage of your home's appreciation when its price inevitably does go back up.
For some homeowners, all it takes to rebuild equity is some patience. But for those of us who can't afford patience, it takes something more drastic - bankruptcy. Chapter 13 bankruptcy has the power to legally stop the bank from foreclosing on your home. In addition, it can provide you with a debt repayment plan so that you can finally lower debt and free up more money for paying the mortgage.
There's more good news - it's free to find out if bankruptcy can save your home when you sign up for a complimentary personal debt analysis with one of our Atlanta bankruptcy attorneys. You've put too much time and money into your house to let it get away - let us help you protect your investment.