Most people who are facing foreclosure in Hamilton, OH never intended for things to get to such a critical point. Often, the financial circumstances that exist when a person buys a home end up changing. If the financial situation happens to change for the worse, it can mean that the family’s home is at risk. The number of missed payments that it takes before a lender starts foreclosure proceedings will vary widely, but the bottom line is that several missed payments are likely to launch foreclosure proceedings.
One thing that many people don’t necessarily realize about foreclosure is that a letter announcing foreclosure proceedings does not equal having to leave the home immediately. Foreclosure proceedings take time; often a great deal of time. If a foreclosure proceeding has just started, there is still often plenty of time to save the home. A bankruptcy is often the best way to keep the home, even if it is currently in foreclosure.
When a home is included in a bankruptcy, it is protected from collection actions and from other actions including foreclosure. As long as the lender is willing to enter into a repayment agreement during the bankruptcy, a homeowner can keep their home when they declare bankruptcy. Often, a bankruptcy will also allow the individual who owns the home additional time to get caught up. Because no home payments are required during the period where the bankruptcy is being processed, this allows some breathing room for anybody who has fallen behind.
The bankruptcy attorney will be an extremely valuable resource during this time. Part of the bankruptcy attorney’s job is to work with the mortgage holder to negotiate a fair repayment deal. This deal may include adding the past due fees and payments onto the end of the loan so that the owner of the home can get caught up.
While bankruptcy may not seem like the ideal solution to keep a home, it’s actually one of the best ways to retain the family home, even in times of great financial stress. If you are facing Foreclosure in Hamilton OH, but you want to keep your home, consider calling R. Dean Snyder Attorney. An experienced bankruptcy lawyer can help you keep your home!
