Bankruptcy lawyers are frequently asked about whether or not they can keep their house if they file for bankruptcy. In general, the answer is yes, so long as you have no more than $125,000 equity. There are certain circumstances, however, that will warrant further investigation. In general, though, Washington State allows a fairly generous protection with regard to those who file for bankruptcy and want to keep their house.

It is important to also note that, in general, you must be able to make your regular monthly mortgage payments to keep your house. Washington Bankruptcy attorneys are also often asked about whether Congress has passed a new law that allows them to lower their mortgage payment. There has been a lot of talk in the press about this subject. As of you yet, the answer is no. The Bankruptcy laws do not allow you to lower your mortgage payments in either a Chapter 7 or a Chapter 13 bankruptcy petition or a post-petition action.

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If you are on the lookout for owning a suitable home at an affordable price but have been deterred by the high prices in the real estate market you can now make an excellent venture through the help of foreclosures for sale which are basically properties that have been taken back by the lenders due to default on payment by the previous owners.

The increase in a large number of bank and government foreclosures has resulted in thousands of repossessed houses for sale that are being offered at rock bottom prices throughout the country. Some of the benefits of buying a foreclosed property are as follows:

• Great Investment opportunity – By investing in bank owned foreclosures and foreclosed properties offered by others, right now you can expect to earn good returns from your property once the market stabilizes which it will in some time.

• Unparalleled home values – An unconventional mode of houses for sale foreclosures are not as publicized or well known as the popular open market properties. However the asking prices offered are unparalleled in contrast to the normal real estate properties available nationwide and buyers can find a good deal anywhere between ten to fifty percent below the market price..

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