People struggling with mortgage payments and other debt have several options to help stop foreclosures and other debt-collection actions. By filing for Chapter 13 bankruptcy, for example, an automatic stay is instated, stopping any foreclosure proceedings and blocking creditors’ attempts to collect money. An experienced bankruptcy attorney can advise people as to which option is best for their particular circumstances.
Update to October of 2021; Wisconsin experienced a slow increase. Currently, the state has a foreclosure rate of one in every 10,364 households. (Richland, Ashland, Dodge, Green Lake, and Polk counties are reporting the highest number of foreclosures.)
Read more about foreclosure protections:
Due to pandemic protections in 2020, foreclosures had been suspended.
2010-2011 Foreclosure Hault
Nationwide, foreclosure filings have declined for 10 months in a row. James Saccacio, CEO of RealtyTrac, was quoted by the Leader-Telegram as saying the decrease in foreclosure filings was originally started by the “robo-signing controversy” that arose in October 2010, temporarily halting foreclosure proceedings. Now, though, Saccacio reports that the decline may be attributed to foreclosure-prevention programs at both the state and national level, including loan modification and mortgage-payment assistance programs.
While the “robo-signing controversy” initiated a halt in foreclosure filings, it was an eye-opener for many homeowners, prompting them to better evaluate their financial standing and take proactive measures. Diving deeper into understanding the intricacies of debts, one may come across the diverse methods to pay off balances. Such situations highlight the significance of being well-informed and, if needed, seeking advice. Platforms like Debt Advisors provide invaluable guidance on issues such as challenging errors on credit reports. For a clearer perspective, considering a free bankruptcy consultation can also be beneficial. Furthermore, as the holiday season approaches, it’s crucial to arm oneself with strategies to prevent overspending, ensuring that financial health remains a priority.