Rents have risen in Denver, Aurora, Lakewood, Centennial, and all across the Front Range, at the same time the price of buying a house has actually gone down. In addition, analysts are saying that it takes three years or less for homeowners to reach a break-even point when buying a house as opposed to renting in the Denver-Metro Area. Bankruptcy can free up disposable income to make your home ownership dream come true.
For many, owning a home may have never seemed like an option. Buying a home can be intimidating, and if someone’s credit or financial background is a bit sketchy, it may further deter someone from investing in a home. Making payments on a home is a great example of “good debt.” A house is also considered secured debt. When filing for a Chapter 7 bankruptcy, this type of secured debt cannot be taken to settle other debts and your home would be safe from foreclosure so long as the mortgage payments are kept current.
To find that break-even point, analysts figure all costs associated with buying a home and compared them to the cost of renting a house, apartment, or condo. All the typical costs that may frighten a potential home buyer were included in their assessment, like initial down payments on the house, the closing costs, property taxes paid, mortgage payments, interest, and miscellaneous costs like utilities and maintenance. In addition to these costs, they considered the amount the home would appreciate in value compared to how much rent would increase over time and added those figures to the amount of tax deductions someone would be eligible for – including inflation.
Economists see that home prices in the Denver metro area have fallen dramatically compared to their prices five years ago and, coupled with record low mortgage rates, owning a home is now a viable option even in this economy. Compared to other parts of the country, Denver and the Front Range have a pretty positive financial forecast.
A bankruptcy fresh start in Colorado can make more of your income available for home ownership. Restore your dream to be a homeowner. Filing a Chapter 7 or Chapter 13 bankruptcy can give you the financial freedom to take advantage of some of the benefits of this bad economy and recession. If you feel overwhelmed by debt and can’t save for a down payment, contact Denver bankruptcy lawyer Barry Arrington at 303-205-7870 and he will fight to give you the best fresh start.