Will the National Foreclosure Rates for 2010 Leave Missouri and Illinois Homeowners with No Options?

The national foreclosure rate predicted for 2010 isn't looking great. In fact, some experts are predicting that it will get worse in 2010; that is, until the job market makes its upward swing and jumpstarts everyone's finances. So, until then, the best thing to do is to get educated about your options.

The average Missouri or Illinois family is just a paycheck away from being over their heads in debt and needing protection from foreclosure. In the event of a layoff or medical emergency, these families could suddenly be facing foreclosure along with the other 1,700 homeowners each month in St. Louis city. In 21 days, the house you've spent years building memories in could be gone. Before you and your family are stuck in this same situation, it would probably be wise to get educated about your options.

The first option that homeowners often want to run to is a loan modification. But will it really give your family protection from foreclosure? Loan modification certainly isn't what it used to be. Banks are tightening their purse strings so much that even America's largest lender is only approving 4% of loan modification requests. The remaining 96% of applicants are left only to wait--sometimes waiting long enough that, by the time they are denied a request, it is too late to make any other moves. To make matters worse, they haven't been making their mortgage payments and are finding it impossible to catch up.

Surely, there are more options, right? If your home is in danger of foreclosure, you can consider filing a Missouri or Illinois Chapter 13 bankruptcy. A St. Louis, Missouri or Belleville, Illinois bankruptcy attorney can stop your foreclosure and help you get a handle on the rest of your debt. If you are behind on your mortgage, chances are that there are other bills you've fallen behind on. Chapter 13 bankruptcy in Missouri and Illinois can be the answer to all of your debt. Why settle for less?

The best thing you can do is to simply know your options before you are faced with foreclosure. I encourage everyone to gather all the free information they can from a qualified and experienced Missouri or Illinois bankruptcy lawyer. You won't regret getting free information—and it could be the information that becomes vital to the survival of you and your family.


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Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, "Get Out of Debt: Secrets Your Creditors Don't Want You to Know." You can request a free copy at http://www.castlelaw.net