If you’re on the lookout for a new home or considering leaving your current one, you’ve probably noticed that the housing market is crazy right now with properties selling faster and for more money than usual. However, there is also another side to this coin. Just beneath the surface of this small boom is a pending foreclosure crisis that is waiting to hit homeowners across the nation in 2021. While 2020 has been financially difficult to get through, experts are predicting that 2021 may be even worse for many families, with upcoming foreclosures driving a real toward homelessness.
Stimulus Checks and Government Help
The government and banks offered some forms of relief to homeowners. A stimulus check helped to cover some family expenses while delayed mortgage programs made it possible to put off paying until later. Unfortunately, these relief efforts only went so far. Now, many homeowners find themselves about to enter foreclosure. Making matters worse is that many of those who expected to pay that back rent or mortgage payments are also likely receiving unemployment benefits set to expire for about 12 million Americans on December 26. While talk swirls in Washington about future stimulus checks and relief funds, it is becoming more obvious that there is little chance that any of these much-needed programs will actually be passed before the end of the year.
Whom Will This Affect?
Roughly 18 million Americans are behind on their rent or mortgage payments. Experts predict that between 200,000 to 500,000 American families may have their homes foreclosed on within the next few months, with a 70% increase in foreclosures expected by 2022. People who fell behind on mortgage payments throughout the pandemic are likely to be the most at-risk for losing their homes. With tighter unemployment payment options and no more relief bills in sight, even those who were able to get through the first part of the year may find themselves significantly behind on their bills by the close of 2020. Those who continue to wait on the government to help them with more incentive checks are likely to find those hopes sadly disappointed and their homes lost unless they act now to protect themselves.
What Can You Do?
If you are one of the countless Cherry Hill, NJ homeowners who see a foreclosure looming ahead in the future, there are steps that you need to take now! The pandemic and the 5 million Americans expected to face an eviction or foreclosure, have altered how employers, banks, and society have to view bankruptcy. It is now seen as one of the best and smartest financial tools families can use to rebuild their finances and lives. Bankruptcy is one of the best ways that homeowners can stay in their homes and keep their assets. During the bankruptcy process, you will be given an automatic stay order that allows you to stay in your home and avoid foreclosure or eviction throughout the process. Once your bankruptcy is finished, you can expect more manageable payments that work within your current budget thanks to a Chapter 13 bankruptcy.
Our nation is about to see a wave of homelessness as thousands of Americans lose the place that they call home. Don’t become one of them by postponing action! Contact our foreclosure lawyers in NJ today to learn more about bankruptcy and how it can help you keep your home.
The attorneys at Sadek Bankruptcy 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.