November 08, 2012 (Press-News.org) Finding appropriate debt relief takes many forms, from using bankruptcy to take on credit card debt or overcome overwhelming medical bills. For many Americans, their primary source of financial distress is unsustainable mortgage payments and the constant threat of foreclosure.
Information from a recent study of mortgage interest rates paid by American homeowners provides crucial insight into one reason behind this problem. According to data compiled and assessed by real estate market analysts at CoreLogic, more than two-thirds of homeowners are paying more than five percent in mortgage interest, well above prevailing rates.
About half of those are paying in excess of six percent, a figure that obviously can lead to significantly higher monthly payments on an item that for many couples and individuals represents their largest obligation. A host of reasons may underlie this problem, from a person's unawareness of their options to underemployment or unemployment, late mortgage payments, more stringent qualification requirements or specific credit issues that prevent refinancing.
The numbers are even more troubling when focused on "underwater" borrowers who have negative equity in their homes. In other words, the diminished market value of the property is exceeded by existing mortgage and home equity obligations. Five of every six underwater homeowners are paying more than five percent in mortgage interest, and their options for refinancing pose many challenges.
When homeowners face obstacles to refinancing, from credit history to a lender's unwillingness to modify loan terms, they still have options. Chapter 7 and Chapter 13 bankruptcy provide powerful legal solutions that are relevant to a wide range of debt.
Bankruptcy and Foreclosure: Taking Aim at a Primary Source of Debt
The most important thing that any financially overwhelmed homeowner should know is that bankruptcy halts the foreclosure process. This can allow a family to remain in their primary residence and gain time to work out long-term solutions for keeping the property.
For homeowners who have been able to keep up with mortgage obligations, Chapter 7 bankruptcy discharges many types of unsecured debt, thereby freeing up significant resources for mortgage payments. For those who have fallen behind, Chapter 13 bankruptcy can provide significant advantages by rolling mortgage arrears into a three- to five-year repayment plan with other debts.
The most important aspect of any debt relief plan is a full consideration of an individual or couple's unique circumstances and long-term goals. A consultation with a bankruptcy attorney can start the process of sorting out the many powerful options available.
Article provided by Hoglund, Chwialkowski & Mrozik, PLLC
Visit us at www.bankruptcyminnesota.com
Study Shows Too Many Homeowners Paying Excessive Mortgage Interest Rates
More than two-thirds of homeowners are paying more than five percent in mortgage interest, well above prevailing rates, a factor that increases the risk of foreclosure.
2012-11-08
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[Press-News.org] Study Shows Too Many Homeowners Paying Excessive Mortgage Interest RatesMore than two-thirds of homeowners are paying more than five percent in mortgage interest, well above prevailing rates, a factor that increases the risk of foreclosure.