Curated News
By: NewsRamp Editorial Staff
June 11, 2024

Kentucky Woman Files for Bankruptcy to Save Home After Husband's Death Triggers Freeze on Mortgage Payments as Home Foreclosures Surge Across the Country

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Source Press Release

TLDR

  • Foreclosures are soaring, creating opportunities for savvy real estate investors to capitalize on distressed properties.
  • Foreclosure filings increased by 10% from 2022 to 2023, while completed repossessions climbed 8% month-over-month in April.
  • Programs like the Homeowner Assistance Fund and the Payment Supplement option aim to help struggling homeowners avoid foreclosure and manage their financial hardships.
  • In some situations, a lack of financial planning or rising property taxes and insurance bills can lead to foreclosure, impacting thousands of homeowners across the U.S.

Impact - Why it Matters

The surge in U.S. home foreclosures, exemplified by Carol Haynes' case, highlights the financial challenges faced by many homeowners, especially in the wake of the COVID-19 pandemic. It underscores the importance of financial planning, understanding mortgage terms, and seeking assistance programs to avoid potential foreclosure. This news serves as a wake-up call for homeowners to take proactive measures to protect their homes and financial well-being.

Summary

Carol Haynes risked losing her home after her husband's death triggered a freeze on mortgage payments, leading to foreclosure. Despite seemingly healthy finances, she filed for bankruptcy to halt the sale and hopes to resolve the issue in court. This comes amid a surge in home foreclosures across the U.S., impacting thousands of homeowners.

Source Statement

This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Kentucky Woman Files for Bankruptcy to Save Home After Husband's Death Triggers Freeze on Mortgage Payments as Home Foreclosures Surge Across the Country

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