What is the truth about foreclosure? Most people experiencing a foreclosure were misinformed -- or not informed at all -- about the home loans they received. Most of these loans gave new homebuyers a false sense they were getting incredible deals. These homebuyers were not aware that the types of loans they were getting -- primarily ARMs (adjusted rate mortgages) and subprime loans would soon financially tie their hands. This was no small panic; millions of American homebuyers were devastated by this epidemic.
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So what happened? After ARMs hit a three-to-five year mark, the "too good to be true" monthly mortgages started to go up astronomically due to interest rates built into the loan agreement. These interest rates were generally not mentioned by lenders; the fine print created a slippery slope, one that turned the entire U.S. economy upside down. Nearly any bankruptcy attorney can tell you that more and more, they have become foreclosure lawyers attempting to advocate for the many homeowners taken in by predatory lenders. Mostly these attorneys use Chapter 13 debt reorganization to help their clients with foreclosure defense, but in some more precarious financial situations, they may recommend a completely fresh start with Chapter 7 bankruptcy. This type of bankruptcy will require the person facing foreclosure or other major debt to creditors to liquidate any assets they may have to pay as much of their debt as they are able to. Sadly, in this scenario, the consumer will lose his or her home to pay off debt (in almost every case).
So how do we resolve the foreclosure crisis? Is there an end in sight? For many homeowners taken advantage of by lenders, the only answer may be to enlist the help of a debt relief attorney. While bankruptcy doesn't sound like an appealing option, it can help homeowners who have fallen behind on mortgages and other debts incurred during a time of hardship. The distressed financial circumstances people are facing are directly caused by increased interest rates on mortgage payments.
As a nation, getting back on our collective feet financially is the most important step toward rebuilding the economy, job creation, and overall stability for the marketplace and the consumers it serves. To stop foreclosure, don't go it alone. Attempting to save your house without a proper financial plan to pay off debt is for most an insurmountable task. A qualified attorney in can help you resolve financial hardships and get the protection you need with a payment program offered through the U.S. Bankruptcy Court and a trustee assigned to you. You will also be given an automatic stay that defends you from creditors and lenders with whom you have outstanding debt.
You're not alone -- millions of Americans are facing foreclosure and many feel slighted and exposed. Your vulnerability is lessened when you have proper legal counsel -- the sad truth is that most lenders take attorneys far more seriously than they do homeowners. Advocates for homeowners will confront lenders and help the American homebuyer through the challenging process of foreclosure and avoiding it if possible.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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