The number of people purchasing homes is on the steady rise for the fourth month in a row, and prices have skyrocketed. But don’t let these numbers fool you — there are still plenty of homes on the brink of foreclosure and experts predict a huge wave of homelessness within the next few months.
What’s the Problem?
Right now more people are behind on their mortgages than the United States has seen in the last twenty years, and it appears that as many as two-million mortgages are in danger of starting the foreclosure process. Understandably, the Covid-19 pandemic played a huge role in putting countless families behind on their rent and mortgage payments. With job losses and pay cuts, people had to choose between feeding their families and paying their bills.
How Foreclosure Delay Made Things Worse
Certain moratoriums were put in place to prevent foreclosures throughout the summer, allowing families the chance to postpone their payments without the fear of losing their homes. While this was a fantastic opportunity for people to keep up with other bills and maintain their homes regardless of their reduced income, it was only a temporary solution. For many individuals, their debts continued to grow as they were able to put mortgages and rent on the backburner. Unfortunately, these bills are now all due, along with interest and fees at once. An impossible bill to pay for many still struggling with unemployment and debt.
What Happens Next
As 2020 draws to a close, many families across the United States are struggling to make ends meet. Those who took advantage of moratoriums such as rent and mortgage delay along with postponing utility bills are seeing that their debts have now stacked up into the thousands of dollars. With no money to pay the debts immediately, foreclosure is looming in the near future. With courts already swamped with cases, it may be into early 2021 before actual foreclosures take place, but families still have to live with the reality of homelessness ahead of them unless they act now to improve their futures.
The Solution to Foreclosure Fears
If you are swamped in debt because of the pandemic, then you are certainly not alone. With the holidays quickly approaching, you need to secure your home and avoid foreclosure at all costs. A bankruptcy is one of the financially savvy ways that you can use to postpone foreclosure, maintain your current home, and have time to catch up on your payments. While a bankruptcy doesn’t make everything perfect, it can be the fastest and most comprehensive way to secure your future and prevent unnecessary suffering.
You don’t have to endure being kicked out of your home this holiday season. By pursuing a bankruptcy, you can keep your home while regaining your financial freedom. Contact us today to learn more about the process. 2020 has already brought enough suffering — make sure that it ends now!