Tampa Bankruptcy Attorneys Clark & Washington Explain Why Homeowners and Investors Are Bracing for Next Wave of Mortgage Foreclosures

    TAMPA, FL, May 04, 2015 /24-7PressRelease/ -- There are hundreds of thousands of Home Equity Lines of Credit (HELOC) nearing their 10-year anniversary and coming due within the next four years. Tampa bankruptcy lawyers Clark & Washington note that while not all of these loans require borrowers to start repaying the principal from the 10th year of the loan onwards, most do. As a result, borrowers can expect to see a doubling (or even tripling) of their monthly loan payments.

For example, payment for a HELOC with an initial interest rate of just over 3 percent would now be almost $300 a month, up from less than $100 for the past 10 years. Even in this recovering economy, few households can easily afford such a sudden increase in monthly expenses.

Additionally, Clark & Washington agree with industry experts that mortgage interest rates are expected to increase significantly over the coming years. This will only add to the financial burden of homeowners who are already struggling to make the higher monthly payments on their HELOCs.

For these reasons, this Tampa bankruptcy expert is gearing up for a surge of mortgage foreclosures and possible bankruptcy filings stemming from this situation.

Let the seasoned bankruptcy lawyers of this Tampa law firm guide you in your bankruptcy filing no matter what reason you may have to do so. As trusted bankruptcy attorneys in Tampa, they will make sure your case is built and filed in a manner that will greatly increase its likelihood of success. When you need a fresh financial lease on life, get in touch with the bankruptcy experts at Clark & Washington.

To learn more, go to http://www.cw13fl.com.

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.cw13fl.com.

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