As you may already know, filing for Chapter 7 bankruptcy can temporarily stop your home from being foreclosed on. This is because when you file for Chapter 7 bankruptcy, an “automatic stay” will be issued immediately to prevent creditors (including mortgage lenders) from taking further actions to collect their debts. But after the automatic stay is up, how can you permanently avoid foreclosure of your home? One way to permanently avoid foreclosure under a Chapter 7 is to file a “reaffirmation agreement.”
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With unemployment still high, personal bankruptcies continuing to rise, and the housing market remaining in a downward spiral, more individuals are changing the way they pay their bills. According to TransUnion, people are likely to pay their car payments before paying their credit card or mortgage payments, meaning that credit card and mortgage delinquencies are more common these days than car payment delinquencies.
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Time Magazine's recent story entitled Where are All the Foreclosure Lawyers? reveals to the country what many Florida residents already know – Florida's foreclosure laws are convoluted and confusing and most struggling homeowners cannot afford representation to mount a defense.
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The Associated Press reports that the Federal Reserve Bank will be offering a "relief plan" to qualified homeowners whose loans were guaranteed by Freddie Mac and Fannie Mae. Under the Fed's new foreclosure prevention effort, homeowners may get a reduced interest rate, longer loan term or a lower total mortgage amount. The Federal Reserve policy statement is set out in general terms at the Federal Reserve web site.
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Where do John McCain and Barack Obama stand on the nation's housing crisis? on bankruptcy reform, on economic issues that affect Americans fighting to avoid bankruptcy. Reuters news service has published a useful summary, which I am reprinting here:
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