Are you currently experiencing the onset of extreme financial hardship and perhaps thinking of tipping your hand and cashing it in when it comes to your home mortgage? Perhaps you should think again. Saving your home may be worth the fight because in all reality, your mortgage lender actually does not want to repossess your home.
Facing an upside down mortgage can literally turn anyone’s financial stability upside down as well. An upside down mortgage or when the collateral that secured a mortgage loan is considerably worth less than the balance owed has secured prominent standing in the U.S. real estate market in the past seven years.
The housing crisis that began concurrently with the financial crisis of 2008 may be a distant memory for most Americans, but according to Forbes there are many families still holding underwater mortgages, who are still dealing with it every day.
The worst of the housing crisis may be over, but many Illinois homeowners are still facing an uphill battle on the brink of financial insolvency. Filing for bankruptcy may be the best way that a family can keep its home during financial hardship, even with the challenges that bankruptcy itself can present. Bankruptcy can offer some people a way to start over, a fresh beginning, and an opportunity to get out from under crippling debt that keeps plaguing recovery.
In the recent wake of the housing crisis, “foreclosure” became a household word. Many Americans continue to live in fear of losing their homes to foreclosure, due to underwater mortgages, shady bank practices, and irresponsible spending.