Data from the National Association of Realtors has shown that sales of homes selling under $100,000 and from $100,000 to $250,000 have gone up, 38.8 percent and 8.7 percent respectively. This is significant even though higher price ranges have shown losses. Nevertheless, the increase in buyers for the lower price ranges could mean that the percentage of foreclosures may go down on properties in that price range for which the current owners can no longer keep current on mortgages and property taxes. If you are currently behind on your mortgage and you are thinking about protecting and keeping your home, contact a Maryland or Washington DC bankruptcy attorney to find out how to avoid foreclosure while in bankruptcy.
Filing a Chapter 13 Bankruptcy to Avoid Foreclosure
Many times, a mortgage company will not start foreclosure proceedings until at least a few months of missed mortgage payments. However, even a few months can be much more than you are able to pay back to the lender at one time. Thus, if you do not make the payments a foreclosure could be looming and many reasons that people contact a Washington DC or Maryland Chapter 13 attorney and file a Chapter 13 bankruptcy is for this reason. Here are some benefits to a Chapter 13 bankruptcy:
• Have all your missed mortgage payments spread out into monthly payments in three or five-year plans.
• Have government fine or tax payments spread out into lower monthly payments.
• Catch up on, eliminate or decrease credit card, medical or other bills.
While a Chapter 13 bankruptcy does require you to have some kind of household income, for many people it means the difference between keeping and losing the home that they want to keep.
Chapter 7 Bankruptcy and Foreclosure
If you are thinking about filing a Chapter 7 bankruptcy or are looking at different options, contact a Maryland or Washington DC Chapter 7 lawyer so that you know exactly what a Chapter 7 bankruptcy is supposed to do. If you are behind on your mortgage, filing a Chapter 7 bankruptcy will not help you keep your house but it may help you from having to owe your mortgage company additional funds in the future. A Maryland or Washington DC bankruptcy attorney will help you sort through all the bankruptcy and foreclosure laws in order to find you the best solution.
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