July 19th, 2009 by Reed Allmand 
Even in hard times, there are stories and events which warm the heart. The July 2009 edition of Woman’s Day highlights what are called “Recession Angels.” They are ordinary people doing extraordinary things to help others. One particular recession angel is from Rockwall, Texas. Marilyn Mock didn’t wake up and just decide to don angel wings. While at a foreclosure auction, she met a single mom whose foreclosed home was up for sale. On impulse, she bid on and won the home, and then allowed the single mom to continue making payments to her so the mom could keep her home. Marilyn didn’t stop there. With an increasing awareness of the foreclosure crisis, she started the Foreclosure Angel Foundation with her own money and donations. Her goal is simply, “looking to lend a hand to people who just need a little help getting through a crisis.”
Sometimes a helping hand is all that someone needs when they fall down financially. Sometimes a little more is needed when the financial tumble is too steep. You don’t have to loose your home to foreclosure. Most states have rules that exempt certain property, up to a limit, during the bankruptcy process. Claiming property as exempt means that creditors can’t touch or sell the property that you need to live. Almost all states have provisions in their bankruptcy statutes for homestead exemptions. Even if your home doesn’t qualify under the homestead exemption rules, the bankruptcy process offers options for you to keep your home. For example, if you are behind on a couple of payments, you can be allowed to catch up on the missed payments without foreclosure. The rules regarding what property qualifies depend on factors like when you purchased the home, how long you have lived at the home, and what state you claim for homestead purposes. To determine how your home can be protected through bankruptcy, you need to contact a qualified bankruptcy attorney, like Allmand and Lee. Information will be the key to obtaining a good assessment from any attorney. Information that you should gather includes the original purchase documents from when you purchased the home and copies of any appraisals. From there, the attorney can review your documentation to see if your home qualifies for exemption purposes, or help you with a recovery plan if it doesn’t.
Times are hard and with gas prices continuing to increase, they continue to be hard. It is a testament to our community’s character that despite economic downturns, people are still willing to help each other. Even with people pitching in to help their neighbors, the foreclosure crisis is still continuing. Before you loose your home or jump into a scheme that may not be right for your financial situation, take the time to get good information from a qualified bankruptcy attorney.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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