The COVID19 pandemic was a tremendous crisis for our country, leaving countless individuals battling illness, loneliness as they were separated from loved ones, and serious financial problems. While the coronavirus seems to be fading into the background as summer approaches due to the quarantine measures, experts warn that it may make a return appearance in the fall due to increases in reopenings. As we work to brace ourselves for what could be the second wave, it’s important to put serious focus on your finances and securing your home.
What Did Corona Do to Homeowners?
Across the nation, homeowners found themselves facing significantly reduced incomes as they lost countless hours of work during shutdowns. Even those who filed for unemployment often received less than their usual pay or had to wait weeks to get their funds – putting them further in the hole. Understandably, mortgage payments and other bills were ignored as families struggled to simply get through and provide basic necessities. While ignoring important bills might have seemed like the only available plan at the time, it has resulted in countless upcoming foreclosures and potential losses of homes.
What Might a Second Wave Mean?
For many people, the loosening of government restrictions has allowed them to return to work and start to reclaim their financial footing. However, it’s far too early to consider COVID-19 a thing of the past. Experts are warning that the fall months may result in a second wave of disease, shutting the country down once again. With so many Americans suddenly unemployed, a huge number of homeowners will be unable to make their loan payments. Approximately 3.8 million households already are on forbearance plans, with more looming as monthly payments come due. Additionally, landlords with tenants who cannot pay their rent are in danger of defaulting on their own mortgages. The country could soon be inundated by millions of foreclosures, more than our economy can handle. Those who are simply hanging on by a thread now may face complete financial ruin if they don’t take action quickly!
How Can You Protect Your Home?
If you’re one of the countless homeowners who are struggling to keep up with mortgage payments and are significantly behind on your bills, the thought of a second wave and the financial hardships it may bring might seem ominous. Unfortunately, it is. If we see a return of the pandemic, it is highly likely that thousands of homeowners will lose their homes in the wake of the second wave. Rather than giving up or doing nothing, now is the time for you to take action!
Homeowners can secure their finances and save their property by filing for bankruptcy now. By starting a bankruptcy now, you can get your finances in order, get rid of your debt, and protect your home from foreclosure.
None of us know the ultimate outcome of the coronavirus or how likely it is to return; however, wise homeowners will take steps now to secure their home through a Chapter 7 or Chapter 13 bankruptcy. Don’t let the thought of debt refinancing scare you – contact our offices today to learn how we can help you through the process and get you back on track to financial freedom. You can’t control COVID19, but you can do your part to make sure your family gets through it with the least amount of suffering.
The attorneys at Sadek and Cooper Law Offices have handled thousands of Bankruptcy cases in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation at 215-545-0008.