The Foreclosure Crisis Today We have certainly come a long way since the most recent housing boom launched more than 10 years ago, then busted, then put us into one of the worst recessions in recent memory. Now the dust seems to have finally settled on the foreclosure crisis, or has it? Where are we today? In this article, we look at the foreclosure crisis from the perspective of a Utah bankruptcy attorney at Utah Debtor Protection. Homeownership Rate One of the most significant signs that we are still not through the woods yet is the recent data on homeownership rates. The Census Bureau recently reported that homeownership rates this year dipped to a low we have not seen since before the housing boom first started in 1998. In 2004, about 70% of American reported they owned their homes. Today, only 66% of Americans reported they owned their homes. While this is only a drop of about 4%, a drop in just 6 years of this magnitude is tremendous. More Home Owners Fighting Foreclosure An interesting trend has occurred in the past few months and really since the foreclosure crisis first began. More home owners are choosing to fight foreclosures to stay in their homes and what use to be a mostly paperwork fight has turned into more and more actual court time and hearings before judges. Home owners are becoming more educated as to their rights in defense of predatory lending practices and are finding success either through litigation or bankruptcy. How do you fight to stay in your home? In some case, individuals have found success in beating the bank by filing civil suits against lenders based on predatory lending practices. In far more cases, individuals and families are able to stay in their home after filing for Chapter 13 bankruptcy. Still more people have chosen to file Chapter 7 bankruptcy and discharge their mortgage. Speak with a Salt Lake City Bankruptcy Attorney Today! To find out more information on your options for preventing foreclosure, call us today at 801.801.8825. A Utah bankruptcy lawyer at our law firm can advise you for your rights and options and help you file to discharge or save your assets. We are available anytime 24/7 and provide free consultations over the phone or in our office.
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