Losing a home is one of the most depressing experiences someone can go through. Most people are very attached to their homes and put a lot of effort into making them nice places to live. Accepting they may not be able to keep their house after all they’ve invested in it is certainly disheartening. The good news is, homeowners who have a stable source of income may be able to keep their property and prevent foreclose in Fairfield, OH; even if they are behind on mortgage payments.
Bankruptcy is an option many people in this situation take advantage of in order to remain in the home they worked so hard to make. Giving up a home isn’t easy. It’s especially difficult for families with children. Kids get established in their schools, sports leagues and social circles and often have a hard time adjusting to a more modest lifestyle after their home is foreclosed. Savvy parents use the bankruptcy code to ensure their children have the stability necessary for them to live fulfilling lives.
In order to avoid foreclosure in Fairfield, OH, homeowners must contact an attorney as soon as possible after they have missed two mortgage payments. The lender is likely to initiate foreclosure proceedings within three months. There are two types of personal bankruptcy. Homeowners who want to avoid losing their property to foreclosure most often use chapter 13. This type of bankruptcy allows people to restructure their debts in order to catch up on late payments and make a single payment every month instead of several payments to different creditors.
The first step to resolving issues with a mortgage company should always be to request a loan modification. However, many lenders aren’t receptive to changing the terms of a loan. In those cases, the lender is forced to accept the terms of a chapter 13 bankruptcy repayment plan. While this kind of arrangement won’t change the original terms, it will usually help someone struggling to pay their bills by reducing the total amount paid to some creditors. Make an appointment to Meet R. Dean Snyder Attorney right away to discuss options for avoiding home foreclosure through chapter 13 bankruptcy.