What if foreclosure could be used for your benefit? According to a September survey conducted by business schools at the University of Chicago and Northwestern University, 34 percent of foreclosures are of the “strategic variety,” the Press-Enterprise reported on October 18, 2011.
Strategic defaulters could afford to stay current on their mortgage payments but decide to “walk away” and let lenders foreclose. In the Press-Enterprise article, one family was preparing to buy a brand new house that was nearly twice the size of their first house, although the new payments will be no more than the old ones. Because it generally takes three years of waiting with strong handling of finances in that time span, it makes sense that some foreclosure veterans are showing up now.
While it is encouraging that some homeowners can use the current housing market to their advantage, where does that leave the families who are facing foreclosure but want to stay in their current home? If you are in need of foreclosure help , then now is the best time for you to consider the benefits of filing bankruptcy . Our Chicago bankruptcy lawyers can help you get deserved relief today by filing a Chapter 13 or Chapter 7 bankruptcy that can help consolidate, reorganize or eliminate your debt. Whether you have heard of a bankruptcy means test or not, our firm can answer all of your questions when you contact our office to set up a consultation.
Benjamin Brand Services – Chicago bankruptcy attorneys