How Bankruptcy Can Protect You From Foreclosure!
Posted by Bryce Angell on Mon, Apr 27, 2009 @ 03:10 PM
Many homeowners in financial trouble believe getting behind on their mortgage payments will only force them to make the decision on whether to keep their house or allow the bank to take the house back thru the foreclosure process. For those homeowners who opt the latter, trouble may lie ahead. Foreclosure may be just the beginning of increased financial problems. The declining real estate market has created a major issue for banks holding real esate as collateral. You may be surprised to know that banks often sell their foreclosed properties for less than the amount that was owed on them. Not surprisingly there is a considerable amount of the loan that never gets paid back. Despite all of the promises by the new administration, homeowners are still financially unprotected from foreclosures. How you ask? Simple! The banks can legally pursue the deficiency amount (the loan amount owed minus the sale amount) from the former homeowner. The bank can file a lawsuite demanding the remaining balance and could potentially garnish your wages, levy bank accounts, and pursue other collection procedures allowed by law. There is only one legal remedy that can protect homeowners from potential claims. Bankruptcy. While the "B" word represents for many the last resort solution, it is often the only solution.
The Law Offices of E.W. Chip Angell PC in Georgia have been helping
thousands of people in Georgia who have become overwhelmed with debt
and don't know where to turn. We can help you stop creditors and get a
fresh start. Call us for a Free consultation at 800-959-9132