If you can buy or refinance a home these days, you are in an enormous amount of luck, as the thirty year mortgage rate is down to a record 3.91 percent, reports the Atlanta Journal-Constitution.
The explanation for why mortgage rates are lower is because "they tend to track the yield on the 10-year Treasury note, reports the AJC. It is not as important to understand what that means as to note it.
Of course, just because the financing is good these days doesn't mean that people are buying. In fact, until recently, Georgia's foreclosure rates have been quite high, beating most of the country.
So in this foreclosure climate is it nice to see a low finance rate? It is, but there is a lot of other information that would be useful to someone facing a foreclosure.
Like, for example, how to survive a foreclosure. One way to fight a foreclosure — at least to stall it — is to use a bankruptcy.
Once you file for bankruptcy, an automatic stay usually kicks in and protects you from your creditors and bill collectors for some time. The automatic stay stops any lawsuit that is filed against you by a creditor, collection agency, government entity or other person seeking money from you. The automatic stay can be a powerful tool that you should seriously consider if you are one of those who are part of Georgia’s high foreclosure statistics.
You should not just file a bankruptcy willy-nilly, as there are numerous standards that you have to meet. And a judge may not like your application if it is not prepared well. The best thing to do would be to speak to a local attorney about your situation.
Related Resources:
- Find an Atlanta Bankruptcy attorney (FindLaw)
- Judicial Foreclosure (FindLaw’s KnowledgeBase)
- Stay: Definitions and History (FindLaw’s LawBrain)
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