BANKRUPTCY MAY NOT SAVE HOMES

Many financially stretched borrowers can not save their home frome foreclosure; they are declaring bankruptcy. They need pay their credit-cards and other debts and monthly mortgage payments. They want to catch up with the mortgage payments and repay other bills. But the softening off foreclosure prices are difficult for them to sell their homes to repay debts.

The bankruptcy law passed in 2005 in the U.S.; it can enable indeividual filers to wipe away debts. Banks also can help delimquent borrrowers avoid foreclosures. Borrowers can find a way out that donot need repossess and sell their homes. They also can choose to pay off the arrears of an agreedupon payment plan or to sell a home to avoid foreclosure and to protect credit ratings. Lenders and servicers also can get helping for borrow.

However, in my opinion, some of borrowers still can not get helping; servicers of borrowers can not force on all the borrowers. Companies also lose a lot money from borrowers because they can not pay their mortgages. That is not good for companies to develop. Goverments should find currect solution to help borrowers to avoid foreclosure.