The Albatross of Debt and Foreclosures

The United States is facing some of the toughest economic times in its history. As part of that struggle, many Americans are facing the loss of their home and other assets.

Homeowners about to lose their homes are able to stop the foreclosure process by contacting top-notch Chicago, Illinois bankruptcy lawyer, Jay F. Fortier, PC. “Chapter 13 is usually what I recommend, but I always sit down with my clients and explain that their equity will be protected and that the debt load may be eliminated, so they can get on with their lives,” explained Fortier.

It wasn’t too long ago that the housing market and mortgage market were in a boom cycle. Things happened so fast and furiously, it was a heady experience for those buying homes, upgrading, and getting “to die for” mortgage rates. It was once common to see adjustable mortgage rates at up to 110% and no money up front.

The times have changed – drastically. Nowadays those once golden mortgage rates increased from 5% to 9% or more (at the whim of the lender). “This means homeowners are staggering under an enormous mortgage payment that is nearly double what it once was,” said Fortier. And Fortier would know, as he handles hundreds of Chapter 13 bankruptcies.

“In simple terms, a Chapter 13 bankruptcy will allow a homeowner to catch up on their payments, interest free,” outlined Fortier. This is about the only option open to people who are about to lose their house. The market is in such a slump that homeowners cannot refinance and use their equity, because their homes have not appreciated in value. Chapter 13 will also allow a person to consolidate other items that are financed and may actually wind up saving them money.

When faced with the specter of losing your home, don’t panic. Jay F. Fortier, PC, in Chicago, Illinois, is right there to help. He knows what it’s like to be staring bankruptcy in the face and will do his utmost to provide a fresh start to clients seeking his assistance.

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