There is nothing more stressful than being told one might lose their home to foreclosure. After working for years to pay their mortgage payments on time, one major illness, injury, or the loss of a job can end up causing a person to lose it all. When the mortgage company is threatening foreclosure, it is crucial that a homeowner stay proactive and seek legal help as soon as possible. Often, a bankruptcy lawyer can help people avoid foreclosure in Hamilton, OH.
The first step a lawyer will take in helping with foreclosure in Hamilton, OH is to contact the mortgage holder. Although a homeowner has likely worked to negotiate with the lender, a lawyer can sometimes call and get a different outcome. If the lawyer cannot work out any payment arrangements for the client, there is the option of filing chapter 13 bankruptcy, which can stop the process of collection. The sooner the bankruptcy is filed, the better the chances of success in stopping the foreclosure.
When a homeowner files for chapter 13, every creditor listed on the bankruptcy must cease all collection efforts immediately. This means the creditor cannot communicate with the debtor in any form, and they cannot further pursue any collection activity. This action effectively stops the process of foreclosure, giving a homeowner valuable time to get out of debt and catch up on their mortgage payments.
Most people who file bankruptcy are given between two and five years to pay down their debt. At the end of their bankruptcy period, they must be caught up on any payments in arrears and current on their payments. The lawyer will help the client come up with a restructured payment to ensure they are able to make their payments throughout the bankruptcy period.
If you are facing the loss of your home to foreclosure, a lawyer can help. There is no reason for you to have to fight the mortgage company alone. Contact the office of Dean Snyder Attorney. He will be happy to go over your financial records and give you information describing how bankruptcy can help. Call him today to get started.
