They say a man’s home is his castle. When one works so hard to pay their mortgage payments so they can proudly own their home, it can be devastating to be faced with the possibility of foreclosure. Losing a home to foreclosure can cause a person severe distress. Thankfully, there are a couple of steps homeowners can take to prevent their mortgage holder from seizing their property. With this information, homeowners can be prepared for meeting with the bankruptcy lawyer in Hamilton, OH.
Before meeting with the bankruptcy lawyer in Hamilton, OH, a homeowner should attempt to work with their mortgage holder. It is important a homeowner does not ignore any written communication they receive from their mortgage holder because they may have time to correct the default and avoid the foreclosure process. If the mortgage holder does not offer a sensible solution to help a person get back on track with their payments, the lawyer can step in and provide assistance.
Filing for chapter 13 allows a person to avoid foreclosure if it is filed in time. When it goes into effect, all types of collection activity must immediately stop, including foreclosure and repossession. Thankfully, this chapter 13 bankruptcy allows a homeowner’s debt payments to be restructured, so they are more affordable as they are working to be free of their debt.
The judge will determine how much time is allowed for the homeowner to make up their past due payments and pay off what they owe so they are current. Most people are given between three and five years. If a homeowner has brought their mortgage payments current at the end of that period, they will no longer be in danger of facing foreclosure, so they are not threatened with the loss of their home.
If you are in need of help with the debts you owe, contact R. Dean Snyder Attorney. He and his staff will work with you to help you find the best solution for overcoming your debt and preventing the foreclosure of your home. Call his office right away to schedule your appointment.
