The end is not near as far as foreclosures go. The latest statistics indicate that foreclosures have doubled from the first quarter of 2008 as compared to the first quarter of 2007. It appears that the bottom has not been reached. Those seeking to purchase a home and capitalize on the poor housing market may want to wait a little longer before making the purchase. Although it is impossible to predict where the bottom is, we now know that we are not there yet.
Interestingly, the number of individuals trying to save their homes via Chapter 13 bankruptcy has not kept pace with the number of foreclosures. This tells me that many homeowners are simply giving up the ship and are choosing to walk away from their homes. It could be that the surrounding economic conditions make saving the home a losing proposition. It could also be that many people are not fully aware of their rights under Chapter 13 laws.
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Under Chapter 13, a homeowner can repay mortgage arrears over a period of thirty-six to sixty months. Unfortunately, the homeowner must also resume making the current mortgage payments at the same time as the arrearage payment. For many homeowners, without a modification of terms to the existing mortgage, the repayment plan fails. There has been some talk among Congress to allow bankruptcy judges to rewrite mortgage loans in bankruptcy cases. Regrettably, the banking lobby is so strong that the measure has stalled.
Another option to avoid the foreclosure process is to execute a deed in lieu of foreclosure. This is where the homeowner deeds his interest back to the lender in exchange for a release. The homeowner will lose the home, however, he will also get out from under the mortgage debt.
Chapter 13 videos are available at Bankruptcy Chicago.
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