The past year has been a very difficult one for the economy resulting in many Americans losing their jobs, homes and some ending up homeless. The face of the recession is now full of many Americans that just a year ago were working, middle-class homeowners who are now trying to find a place to stay in homeless shelters. This article will discuss ways you can Houston stop foreclosure as well as how getting a Houston bankruptcy lawyer will help you greatly if you must file bankruptcy during these hard times.
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The amount of foreclosure or bank owned properties now is at a record high and more than anyone in the real estate market have ever seen before. This is due to several factors. The first one is that many people took out a mortgage that really was too good to be true and not one that they could afford. Many homeowners also took out an adjustable mortgage where the rates have adjusted to such high rates, that they can not longer afford to make their monthly payments.
The troubled economy has caused many companies to either go completely under or have to make extreme cutbacks and lay off many employees. This is another reason people are losing their homes or going bankrupt. Many Americans live paycheck to paycheck and when they lose their job, they have no way to pay their mortgage and other bills causing the property to go into foreclosure.
There are some things you can do now as a homeowner to try to avoid this happening to you and so you do not lose your home to the bank. First of all, start putting aside money to save if you have not been doing that. The best way is to have it automatically taken out and put into a separate account that should be used as an emergency fund in case you do lose your job. Financial planners recommend having at least 8-9 months of living expenses saved up to avoid losing your home to foreclosure if you lose your job. This timeframe is about the amount of time it will take you to find another job.
Another thing you should do to avoid losing your home and going bankrupt is to reassess how you are living. Many Americans are living way beyond their means and have gotten caught up in accumulating things that really are not necessary. Maybe it is time to downsize your home and sell it to buy a less expensive one. Also, simplify your life by getting rid of all of the unnecessary things like many electronics, clothing, and just toys that people have. Selling these things on eBay or Craigslist is a good idea that can earn you money.
If you must file bankruptcy, it is not the end of the world and it is a way to possibly save your home in the most dire of circumstances. Make sure you hire a good lawyer to help guide you through all of the logistics.
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