During the mortgage meltdown which began in December 2007, many people lost their job, divorces were up, stress caused illness, it went on and on. Those who declared bankruptcy are now left with the aftermath. You wonder why rents are so high? And they threaten to go even higher. And why not? People have to live somewhere and while a previous homeowner may make a substantial living, if he or she doesn’t qualify for a loan under today’s guidelines, they will have to rent.
It’s unfortunate that not much has been publicized about what happens to the hundreds of thousands of individuals after their bankruptcies. There are a lot of statistics out there but once a bankruptcy is discharged, it’s not news any longer. The individual is left to fend for themselves.
I find it astonishing that bankruptcy attorneys don’t give any guidance at all. Credit reports are trashed and don’t fix themselves. Bill collectors continue to call, not knowing that their debt is no longer valid. And if you have a judgment, even if it was charged off in bankruptcy, good luck getting that off your record.
If you or anyone you know is in this situation, check out Home After Bankruptcy, a free report to give you an idea of how to become a homeowner again. Let me know what you think. I am on a mission.
Next I’m going to work on foreclosures. Stay tuned.