Every day in Florida people facing financial difficulties feel that there is nothing they can do to stop their homes from going into foreclosure. The group of residents being affected is spreading and now includes many who in previous times few would have suspected would be dealing with it. This includes people considered to be rich and famous.
Earlier this month news broke that the actress Kristen Bell, perhaps best known for her role the television show “Veronica Mars,” lost her home to foreclosure. The Spanish style home located in Studio City, California, boasted nearing 4,000 square feet. She reportedly paid $3.1 million for it when she bought it in 206. After it went into foreclosure it was sold at an auction for just over $2.6 million.
Fans of Bell need not worry about the actress being homeless. Reports indicate the she had moved out of the house some time ago and is now living with her fiancé who is also an actor, Dax Shepherd.
Of course not every homeowner facing foreclosure has a fiancé to move in with. Accordingly, it is important for anyone who thinks they may be headed for foreclosure to learn about their options. Though it often feels helpless, there may be other ways to handle the matter.
One option that may be viable for home owners is to file for Chapter 13 bankruptcy. Many people may be surprised to learn that doing so actually stops the foreclosure process. Under this type of bankruptcy which usually lasts between three and five years, filers must pay back certain debts over the course of those years. Rather than making payments to multiple creditors, under a Chapter 13 repayment plan, one payment is made each month to a trustee. That person than distributes the funds to the creditors.
Anyone facing foreclosure or considering filing for bankruptcy should contact an experienced bankruptcy attorney. He or she will likely be able to discuss the available options.
Source: E online, “Kristen Bell’s Home Falls Into Foreclosure,” Bruna Nessif, Feb. 14, 2012