rajshukla
Joined: 03 Jan 2012
Posts: 160
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 Posted: Tue Jan 03, 2012 1:08 pm Post subject: hi |
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In this economy, many homeowners are hurting from the downturn of the housing market and subsequent reduction in the value of their home. Many homeowners have bought their homes when the real estate market was at an all-time high, believing they have made a good investment. Instead of realizing the American Dream, they find themselves making payments for a property that is worth significantly less than what they now owe the lenders. It may be a hard pill to swallow for some because they could be living next door to a neighbor that purchased a foreclosed home for several hundred thousand dollars less than their current home, even though the houses are almost identical in size and amenities. The City of Oakland almost filed for bankruptcy protection in 2009. But how can a municipality file for bankruptcy protection? There is a special chapter of the Bankruptcy Code for municipalities to file bankruptcy, Chapter 9. Whether your loan application is intended for mortgage, auto or personal purposes, it is not easy to get it right after you have been broke, financially insolvent or bankrupt. Banks will usually refuse or reject your application once they found out that you just filed bankruptcy. In fact, that behavior of banks is not surprising at all. As lenders, they would want to have some assurance that their money would be returned in due time.
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