Economic Woes Continue to Flood Americans
The famed Tommy Bartlett Water Show lost its Lake Delton stage last week, the huge lake in Wisconsin Dells drained as a result of record rains and flooding.
And this week thousands of Americans were being forced from their homes as the mighty Mississippi River surged through its banks, breaching its levees and flooding hundreds of homes and communities.
While these natural disasters are literally flooding many families, thousands more continue to brace themselves as the flood of bad economic news continues.
Foreclosures, Mortgage Delinquencies Up Again
A new report from the Office of the Comptroller of the Currency finds that between October 2007 and March 2008, the number of loans in the foreclosure process grew steadily. The Office has data on roughly 40% of all mortgages ($3.8 trillion in loans). Loans delinquent more than 90 days grew from 188,000 to more than 226,000 during the time period. Those seriously delinquent (60 days or more, 30 days or more from bankruptcy borrowers) are primarily subprime loans. Unfortunately most lenders may work with borrowers on repayment plans, but don't modify the rates.
And for the fifth straight quarter, mortgage loan delinquencies rose in the first quarter of 2008. According to TransUnion.com, those 60 days or more past due rose 61.5 percent from the same period in 2007. The average borrower's mortgage debt rose from $191,370 to $191,917 in the prior quarter, more than 5% higher than 2007.
Medical Bills Swamping Many
Nearly 50 million Americans are uninsured, a national crisis that sees no resolution in the near future. But another 25 million Americans have health insurance… but not enough. The Commonwealth Fund reported this week that the number of underinsured adults has risen 60 percent from 2003 to 2007. So, you may be fortunate enough to have insurance, but still be facing a mound of bills from high deductibles, co-pays and other expenses not covered-much less high premiums. Underinsured individuals have out-of-pocket medical expenses that were 10 percent of their income, or 5 percent if low-income adults or those with deductibles that were more than 5 percent of their incomes.
According to Cathy Schoen, lead author and senior vice president at the Commonwealth Fund, "We're moving in a direction where you can be insured all year and still face medical bankruptcy."
Flooded with bills?
Are you overwhelmed with bills? Afraid you can't pay the mortgage or those huge medical expenses? Perhaps a bankruptcy lawyer can help you through this difficult time.
Find out the options that could be available if you're worried about losing your home, losing your job or going even further into debt.
Many people do not know that filing Chapter 13 bankruptcy may be the way to help you save your home from a possible foreclosure. That's right! Chapter 13 bankruptcy may be feasible if you are weighed down with bills and have fallen behind on your mortgage payments.
And if you're struggling with medical bills, credit card debt or other unsecured debts, be sure to speak to a local bankruptcy lawyer to learn more about filing Chapter 7 bankruptcy. In the meantime, check out this helpful comparison of Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Take action today by talking with a Total Bankruptcy sponsoring attorney! Our number is 1 (877) 349-1309, and you may also use our secure online case evaluation form. A local bankruptcy lawyer will review your situation and contact you for a free, no-obligation consultation.