With mortgage rates on the rise, home sales are falling (and for good reason). Mortgage rates are at a 2+ year high. With rates exceeding 7%, it is more expensive to buy a home now than what it was a year ago. The last time mortgage rates were over 7% was in 2002. Last year interest rates were around 3.25%. With home sales decreasing, the amount of available inventory should increase. This also means that the value of a home may decease. For current homeowners, this creates a need to preserve their home ownership. It is important, when possible, to avoid foreclosure or the need to sell a home.

Inflation is at a 30 year high. This means that almost everything associated with home ownership (utilities, furniture, food, etc.) are more expensive. Because of rising costs, people need to chose what to spend their money on. A recent report said that some people have to chose between eating meals and paying utilities. This is sad and it is real. For some, there may also be the choice of paying the mortgage or buying food, keeping the heat on, and buying gas to commute to work.

For those who are facing these tough home ownership issues, there be some help. If you are also drowning in debt, and have to chose between paying credit cards or buying food or paying a mortgage, bankruptcy may be an option to alleviate financial hardship issues. Even if you have equity in a home, bankruptcy may be an option to cut costs. If you are behind on your mortgage because of overwhelming debts, bankruptcy may be an option to cut costs and make your home affordable again.

If you, or someone you know, is risking home loss, a free consultation with a bankruptcy attorney may be a way to determine what options are available to make it easier to live financially. Contact John Goetz Law, at 540-359-6605, to schedule your appointment today.