Bank finance articles and tips

The most recent foreclosure statistics present a disheartening image of the real estate market and the American economy. According to RealtyTrac, an average of 1 in every 634 housing units received a foreclosure filing in December of 2011. The states with the highest rates of foreclosure were California, Florida, Nevada, Arizona, Georgia, Michigan and Illinois. As homeowners across the country are facing foreclosure or threatened foreclosure, it is important to consider what remedies are available....

The foreclosure rate in the United States has reached a pandemic level. There have been millions of foreclosures over the past few years. The number of these foreclosures has shattered annual records. So high is the number of foreclosures that levels such as this have not been seen since the Great Depression. This certainly leads many to wonder what can be done to forestall an eventual foreclosure if not outright stop it. There are certainly no easy answers or solutions to such a problem. However, it is possible that foreclosure actions may be stopped if you were to file for Chapter 13 Bankruptcy.

What is Chapter 13 Bankruptcy and how does it work as a means of stopping foreclosure?

It has been said that delinquent borrowers can save their homes from being foreclosed by filing for personal bankruptcy. Read on to learn more about the different types of bankruptcy and how filing for bankruptcy affects the home foreclosure process.

What is Foreclosure?

Foreclosure is defined as the legal process where a borrower's ownership of a property is terminated, usually due to inability to make mortgage payments. The process of foreclosure usually involves the forced sale of the property where the proceeds of the sale are used to pay off the mortgage debt.