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Will I Be Safe From Foreclosure Due To The Freeze?

Author : Jim Brown

Is the housing market back on the upswing?

With foreclosure rates reaching record numbers last year, I'm really excited to report that, at least in the metro-east area of St. Louis, filings fell last month to the lowest point of the year.

In November, St. Clair County recorded only 120 foreclosures filed, their lowest for any month of 2010. And over in Madison County, there were only 99 filings for November. The last time either of these counties had under 100 new foreclosures was August of 2009!

Now, does this mean the housing market is stabilizing? Not necessarily. Don't forget, some banks have put a moratorium on foreclosures recently—and it's not that they wouldn't normally foreclose on some of these homes, it's just that with the recent robo-signing scandal, many banks have temporarily stopped foreclosing on homes in order to make sure they have all of their loan documents in order.

I do like to hear that more people get to keep their homes for longer, even though it may be temporary. As a St. Louis bankruptcy lawyer, one of my first jobs is to help my clients protect their property.

In fact, one of the biggest myths we deal with in bankruptcy law is that you will lose everything you own. Not so. As I said, it's my job to help you protect your property, and there are certain sections of Missouri and Illinois law, called exemptions, that specifically help me to do that. The exemptions let me level the playing field and eliminate or restructure the debt while keeping the property you worked so hard for.

While some families may be able to stave of foreclosure for a while with these low numbers, it's just a temporary fix. I hope that anyone who is affected by the foreclosure freeze can use it as an opportunity to catch up on their mortgage payments completely and possibly keep their home, but in these tough economic times, it's not likely for a lot of families. This would be a good opporutnity for them to use the bankruptcy laws to eliminate or reduce their debt, so that when the freeze is over, they can afford their mortgage payment.

While some companies may offer to "save your home" or settle your debt for pennies on the dollar, keep in mind that these could be scams. If you and your family are facing foreclosure, BE INFORMED about which companies are just trying to get you to pay them more interest, and which are actually law firms who will be able to help you.

Author's Resource Box

James Brown is a personal bankruptcy attorney in St. Louis, Missouri. He has filed over 30,000 bankruptcy cases and published several books and articles. You can request his free Missouri and Illinois bankruptcy guide for the best tips on how to prepare for your bankruptcy and find a great bankruptcy attorney.

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Tags:   Foreclosure rates, foreclosure freeze, Illinois bankruptcy, Illinois bankruptcy attorney, St Clair county, madison county

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Submitted : 2011-01-11    Word Count : 1    Times Viewed: 130