One way to keep your Home. Since defaulting any home loan eventually tends to lead to bankruptcy anyway, if you are close to defaulting on your subprime it might be useful if you contacted a bankruptcy lawyer and asked him for CHAPTER 13 PROTECTION(NOT CHAPTER 7!) Only by invoking Chapter 13 protection might you be able to force your interest rates down to a normal level and possibly even create a government fixed rate low interest loan to keep your home.
Many of the people who got subprime loans in the past 7 years are first time home buyers and do not realize fully that defaulting a home loan usually creates a situation where they must go into bankruptcy. If you are in the position of defaulting your loan anyway but want to keep your home by reducing your interest rates and also your payments back to where you actually might afford them.
As a point of reference the cost of hiring a bankruptcy attorney in 1994 was about 2500 dollars in coastal California. The cost of your bankruptcy is usually paid for as your pay off all your debts in a Chapter 13 bankruptcy around 10cents on the dollar.(At least this is the way it was in 1994)
If you can qualify for the breaks that a Chapter 13 bankruptcy could give you then you might be able to keep your house, keep your car and then pay off through payments the lawyer and the 10 cents on the dollar of most all of your debts. However, credit card companies and student loans have enacted legislation in the last 10 years that makes it difficult to get all your credit card debt reduced very much. However, keeping your home and car and making creditors leave you alone the way they are legally required to after you file for bankruptcy keeps your family from becoming homeless and your abandoned house from becoming a crack house to further destroy your neighborhood.It also stops the recession that is destroying lives all the way around the world from getting worse. So as strange as it is to say this:"Obtaining a Chapter 13 Bankruptcy might be the most patriotic thing you can do both as an American Citizen and as a World Citizen!"
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