Soaring Home Foreclosures in Michigan may lead to more Bankruptcy Filings (PART II)

In a January 25, 2007 Detroit Free Press article by reporter Frank Witsil, the economic crunch facing the metro Detroit area — and similar Midwest areas — is reaching all time highs, particularly in the area of home foreclosures. While home foreclosures do not automatically equate to individuals filing more personal bankruptcies — it is, indeed, possible to save your home from foreclosure by qualifying and filing a Chapter 13 Bankruptcy.

The figures Witsil used for his piece were provided by RealtyTrac, a company that follows mortgage rates across the country.

The Freep's article also stated: "RealtyTrac noted that nationwide, foreclosure filings were up — by 42% — but that increase was dwarfed by the Michigan numbers, which showed 127% more filings in 2006 than in 2005."

Home foreclosures are indeed a national epidemic. But Chapter 13 Bankruptcy filing will indeed stop an individual from losing their home. You will get to continue living in your house while you work out a payment plan to catch up on your arrearages.

If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings. As time passes, thousands of dollars in penalties and legal fees can be added to the balance you owe. And every single day extra interest is added!

There are programs to help stop foreclosure regardless of your situation. With the right help, virtually any foreclosure situation can be successfully resolved. When facing foreclosure, time is of the essence. You must ACT fast to protect your rights.

We have helped hundreds of homeowners to stop foreclosure — and we can help you, too.