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What Can We Do About the High National Foreclosure Rates Predicted for 2010?

The national foreclosure rate predicted for 2010 isn’t looking great. In fact, some experts are predicting that it will get worse in 2010; that is, until the job market makes its upward swing and jumpstarts everyone’s finances. So, until then, the best thing to do is to get educated about your options.

A layoff or medical emergency can be unpredictable and, in this economy, it could launch you into a position where you need protection from foreclosure immediately. In fact, your home could be sold in as little as 21 days. Before you are faced with having to rush to make a decision about your home, it would probably be wise to know what your options are.

The first move that many want to make when they can no longer afford their mortgages is to try a loan modification. While loan modification is certainly an option, it wasn’t a very good one in 2009 and I can only predict that it will be worse in 2010.The problem with loan modification is that it is difficult—even near impossible—to get approved. America’s largest lender is only approving about 4% of the loan modification requests, while the other 96% are left with little time for another option. The approval process is a waiting game—and for many, they must wait so long that by the time they are denied their request, it is too late to do anything else. To make matters worse, while you are waiting, you are typically told not to make payments. So, when you are denied, it becomes nearly impossible to catch up.

There is, however, another option. Missouri and Illinois Chapter 13 bankruptcy can give you and your family protection from foreclosure and help you get a handle on the rest of your debt. Chances are that if you are behind on your mortgage, you are also having trouble with the rest of your bills. Missouri and Illinois Chapter 13 can actually be the answer to all your prayers. Why settle for a program that could only possibly answer one if you were one of the lucky 4% to actually get approved?

I encourage everyone to at least get more information. You can request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to learn how much debt is too much, what bankruptcy can do for you, and how to find the best St. Louis, Missouri or Belleville, Illinois bankruptcy attorney in your area. You won’t regret getting the free information –and it may just make the biggest difference for you and your family.

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