What does it take to keep my home in hard financial times?

When it comes to the economy and the most recent recession, few states took it on the chin as hard as Tennessee. Things are beginning to rebound for the country overall, but many in Tennessee still face challenges.

According to one recent report in the Memphis Daily News, nearly 12 percent of homes across the state are currently vacant. Rates of foreclosure run high in some major cities with the highest being in Memphis, Clarksville, Knoxville, Cordova and Nashville. Not surprisingly, that makes holding onto a home among the top concerns for those who are still struggling financially. 

This isn’t something that state and federal officials are oblivious to. It’s because of fear of foreclosure that governments have crafted some programs that may be of some help. But there are some tough restrictions on who can qualify. As the Keep My Tennessee Home website makes clear, only homeowners with long-term medical disability or facing difficulties related to military service need apply.

The suggestion behind that policy seems to be that if you don’t fall into either of those two categories you are probably to blame for your financial difficulties. But the reality is that most homeowners don’t look to get into trouble. They wind up there due to an unexpected illness, the loss of a job or some other upheaval in their lives. That doesn’t make the threat of foreclosure any less real.

The notion of seeking relief and protection of your home through bankruptcy isn’t one of the suggestions that comes tripping off the tongues of most advisers, but it is one that deserves due exploration.

Consider that by pursuing a reorganization of your debt through Chapter 13 a hold is put on any foreclosure action. That provides you with some breathing room to catch up on past due home payments and reach a condition that allows you to get back on track. Finding the right road to financial recovery can be difficult, but our firm is ready to help. Contact us. 

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