Atlanta Attorneys Say Unemployment Doesn't Have to Equal Foreclosure
When an acquaintance of mine lost her job, her first priority was to continue feeding her kids. Her second priority? To find another job - so she could continue feeding her kids. Needless to say, she spent most of her time searching for work and none too much time worrying about the mortgage.
The good news: three months later, she found a new job (she was a smart, educated woman, so it was only a matter of time). The bad news: she lost her home to a short sale in the process. She stopped making payments and ultimately gave up.
Apparently, her story is becoming more and more common. According to this Washington Post article, unemployment - rather than subprime mortgages - is now the leading cause of foreclosures. Since the unemployed don't have steady income, they're even less likely than most to qualify for loan modifications. And even when they do find work again, they're often unable to catch up on their mortgage because of late fees their lenders levied on delinquent payments.
But it doesn't have to be like that. Bankruptcy is a way to potentially stop foreclosure and free yourself from debt in the process - even if you're dealing with unemployment.
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