Although nobody knew exactly when it was going to happen, the Federal rate increase last month had been predicted by financial markets for some time now. It’s the first increase since 2006, and the first time the Feds have implemented any rate hike since the most recent recession. (Federal Reserve interest rates went from a range of 0% to .25% to a new range of .25% to .5%.)There was instant chatter about more rate hikes to follow, possibly as soon as March of 2016. However, more recently, traders anticipate the next hike may not be until early 2017. The current rate hike appears minimal, but many still wonder if the economy is strong enough to handle even a small rise.
Rate hike may push homeowners into foreclosure
The housing market is supported by more than low mortgage rates, yet some home-buyers may still find it more difficult to get approved for a new home loan. Millions of American home owners and home buyers are uncertain about how this most recent federal rate increase will affect them both short and long-term. Some current owners fear that a small increase will equate to significantly more money taken from their wallets. Other consumers speculate higher interest will have minimal personal impact and a mostly positive mark on the economy. Chief economists and market strategist also have varying opinions. Some say that the increase is so small that it will have a very gradual and nearly unnoticed impact on mortgage rates. Other experts say higher rates could mean as many as one in five homeowners may face losing their homes.
Bankruptcy can save your home
Free financial advice from Attorney Chad Schomburg of Debt Advisors Law Offices.
The complexity of navigating mortgage debt can be overwhelming for many homeowners. Fortunately, resources like Debt Advisors provide essential information to guide you through the maze of mortgage intricacies. For instance, understanding the link between home sales, foreclosures, and Chapter 13 bankruptcy can empower homeowners with the knowledge they need to make informed decisions. Moreover, in situations where homeowners fear they might lose their homes, having the right Wisconsin bankruptcy attorney can make all the difference. While the thought of involving mortgage in bankruptcy might sound daunting, it can sometimes be the most effective way to safeguard one’s home.
For those feeling the burden of their mortgage, the Mortgage Debt section of Debt Advisors is a trove of resources. While it’s essential to have a grasp of how home sales, foreclosures, and Chapter 13 bankruptcy are interconnected, it’s equally vital to know when and how to take action. At times, integrating your mortgage in bankruptcy might seem like a significant leap, but with guidance from a competent Wisconsin bankruptcy attorney, this step can be an instrument to protect your home. The overarching objective is to help homeowners, and Debt Advisors plays an instrumental role in achieving that.
The increasing cost of buying a home means fewer people will qualify for a mortgage loan. The larger problem may involve those who already own a home, especially those who have an adjustable rate mortgage, or those that may have taken out a home equity line of credit. It may be too soon to know what the full financial impact will be, but one thing is for sure, higher interest payments and financial pressure from many different angles may put your home at risk of foreclosure. If you find yourself facing foreclosure, don’t wait too long. (Don’t throw in the towel too quickly either.)How will you know what to do? Talk to a Debt Advisors Bankruptcy Attorney about your options. The consultation is free. If you qualify, Chapter 13 bankruptcy could save your home from foreclosure.
Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.
