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When we think of foreclosures, we typically think of a financial nightmare. Families begin falling behind on their mortgage payments and risk losing their homes. However, there are some surprising benefits of foreclosures for both the struggling family and the uninvolved bystander. While foreclosures are undesirable, sometimes the financial predicament becomes unavoidable and tough decisions have to be made.
Fortunately, a foreclosure can ease the pain of heavy mortgage payments in the months until the situation is resolved. Also, until the foreclosure process is completed (eg, the home is sold or the bank takes it back), homeowners can continue living in their home — for free — without worrying about liquidators roaming through it.
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Despite these silver linings, going through a foreclosure is still a devastating blow. But it needn’t be, especially as it can provide a fresh financial start. Consider the following benefits as opportunities for growth.
Foreclosure Advice: How Bankruptcy Can Help
The first benefit to foreclosure is that it isn’t a dead end. In other words, homeowners struggling with their mortgage have various options available to them to avoid losing their home. These options include meeting with a bankruptcy attorney to avoid foreclosure. A bankruptcy attorney will help you consider:
• Whether to pursue bankruptcy or a foreclosure. Generally, if you fall behind on your payments but have the ability to pay them, bankruptcy is a good option. However, if money – not time – is the biggest problem, bankruptcy won’t save your foreclosure woes.
• The choice between Chapter 7 and Chapter 13. Chapter 7 allows you to stall payments, but can potentially result in the liquidation of your assets. Chapter 13, on the other hand, is more likely to help you keep your home.
The Benefits of Foreclosures for Bystanders (the Community at Large)
While some people suffer from foreclosures, others benefit from the cheaper houses. Foreclosed homes become a cheap investment opportunity. In fact, it’s possibly to purchase a property for less than 10% of what it was sold for. Since the bank is trying to get the home off its books, however, they won’t do any of the repairs for you. Purchasing the foreclosed home at such a cheap price means that you purchase the problems that come with it.
Foreclosure Benefits for the Homeowner
Ironically, facing foreclosure may be the opportunity to reset your financial life. For instance, many families that realize they can no longer meet their mortgage payments simply stop attempting to pay and instead start saving the money. In these extreme circumstances, they’re so far behind and so deep in debt that their payments won’t help. Thus, they begin saving the money for their fresh start.
Homeowners also have the opportunity to negotiate the terms of their loan. A good bankruptcy attorney can provide you with tips to help you succeed in negotiating with your lenders. Even if the negotiations don’t work out, you also benefit from the experience by learning from your financial mistakes and decisions.
While a foreclosure may not be a pleasant experience, it’s still a free lesson in money management, and you will be more likely to avoid similar pitfalls in the future.
Foreclosure Advice: What to Do When You’ve Stopped Making Mortgage Payments, But the Bank Won’t/Hasn’t Foreclosed
Stop Foreclosure Help: What Happens When You Stop Paying Your Mortgage
Facing Foreclosure? 6 Tips on How to Safely Get Rid of Things You No Longer Need — and Make Money in the Process
Credit and Foreclosure: 5 Easy Things You Can Do TODAY to Start Repairing Your Credit After Foreclosure
How to Avoid a Deficiency Judgement After Foreclosure
Foreclosure & Credit: How Does Foreclosure Impact Your Credit Report?
The Top 5 Alternatives to Foreclosure: Which One is Best for You?
Foreclosure: How to Ready Your Home for a Fast (Short) Sale
“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move
About the Author: The Lee Law Firms aims to help local residents resolve their debt issues and achieve a financially healthy future. They provide high quality legal representation that helps lower monthly debt payments, stop wage garnishment, prevent foreclosures and repossessions, and stop calls from creditors. The Lee Law Firm bankruptcy lawyer in Fort Worth have many years of experience in all aspects of Chapter 7 and Chapter 13 Bankruptcy.
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