One of the leading reasons for bankruptcy in the country today is to try and avoid foreclosures. When debt gets out of control and becomes more than people can manage, foreclosure becomes a very big possibility. The reasons why people fall behind on their foreclosure payments and face bankruptcy include:
- Adjustable rate loans. When debts mount and become too much the loans on the home can be more than people can keep up with and foreclosure becomes a looming threat for many.
- Unemployment. Job loss is one of the biggest blows a family can face, especially when money is already tight and can be all it takes to push the debt too far to where foreclosure occurs.
- Credit card debt. Most people in the nation have some form of credit card debt and many have more than 10 thousand dollars in debt that puts them in a position they can never recover from.
- Medical bills. Medical expenses are the cause of around a quarter of all bankruptcy cases and impact families doubly both financially and emotionally in many instances.
- Divorce. With everything that goes on mentally, emotionally, and personally after a divorce, finances may take a back seat. If debt gets out of hand foreclosure can quickly follow.
- Multiple bills. When multiple bills are fighting for precious dollars, sometimes homeowners choose credit card or medical bills over their mortgage and find themselves facing foreclosure.
- Sudden relocation. A sudden move – for whatever reason- may leave you still paying on your old home and also on a new home which leaves you stretched too far in the financial department.
If you are worried about your finances and are looking for a foreclosure attorney in Valdosta area, call the Law Office of Charles Farrell Jr. today!
