Congress was unable to pass any kind of legislation that Americans are struggling to pay to amend their own mortgage as real estate loans that began in 2007 continue to expand. Return to 2008, Pres. President Obama promised to help 9 million families avoid foreclosure. After reading the latest figures in 2010, the HAMP program seems to have failed badly. The number of people kicked from the program is five times that of someone who received some kind of relief. This is not a huge success when the White House calls economic recovery. And the problems of foreclosure and bankruptcy continue to roar.
Recently, some union leaders came up with the idea of selling all the stocks and bonds invested in finance unless banks start modifying the mortgage to protect the mortgage from foreclosure. According to the report, there were about 300 million investments in the union, and many felt that many people were not hollow threats. In 2009, there was a law on the table to change the mortgage when individuals applied for bankruptcy Chapter 13. The proposed bill was killed for financial institutions because of the large lobby in Washington.
One of the cable news stations reported that union leaders are trying to challenge struggling home owners as a group not paying anything to the bank. They felt that the bank would collapse if everyone collectively stopped paying monthly. A group of struggling home owners who are confronted with foreclosure and bankruptcy constitute a large group group. However, due to the lack of necessary organizations, they have no match for wealthy financial institutions.
Because the struggle is an ongoing matter, individuals facing foreclosure need to consult a bankruptcy attorney to see if bankruptcy applications can protect their homes avoiding foreclosure. If the home owner wishes to surrender his home, if the property is under the water, you will probably have to submit bankruptcy in chapter 7 to remove the deficiencies. If the debtor owes a large amount of unsecured obligation, Chapter 7 bankruptcy is also beneficial. Credit card debt several times is a big part of why individuals have problems with mortgage payments. By wiping out all unsecured debts, you suddenly lose your house at an affordable price.
Meanwhile, Chapter 13 bankruptcy has the authority of the court behind it. In Chapter 13, the debtor can negotiate with the creditor about the payment plan three to five years later. Chapter 13 In bankruptcy, the debtor can establish some relationship with the mortgagee so that the payment is cached. The second is unsecured as the property that secures the loan is not worthwhile when the house benefits the first trust certificate when it lowers its value. Chapter 13 bankruptcy obligations are paid in preference to secured liabilities such as mortgage loans and cars, are paid first, unsecured is paid at the end. All unsecured debts remaining at the end of the payment plan in chapter 13 will be canceled.
If we stop the foreclosure, the bankruptcy application is the king. At the top of the list there is chapter 13 bankruptcy to protect property. Application for bankruptcy is complicated and should be done with the help of an insolvent lawyer who was experienced in situations like you. Before it's too late, consult a bankruptcy attorney to see if the submission is useful for your situation.
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