Unfortunately, a mortgage holder can start the process of foreclosure as soon as a homeowner begins missing their payments. Many homeowners make the mistake of ignoring the initial threat, believing the mortgage holder will not follow through. If a homeowner is to avoid foreclosure in Hamilton, OH, they will need to be proactive and do all they can to work with their mortgage holder. With this information, homeowners can be prepared with the steps they will need to take in the process of saving their home.
As soon as a homeowner realizes they are going to have problems being able to meet their payment obligations, it is crucial for them to immediately contact their mortgage holder to determine their options. Early in the process, mortgage holders are often more willing to work out arrangements and help a homeowner create a plan to help them overcome the issue and get back on track.
In some cases, a homeowner may be eligible for refinancing their home to help them gain control of their finances and make their payments more affordable. If a person has done all they can to work with their lender and cannot find help, they can work with an attorney to help them avoid foreclosure in Hamilton, OH. The attorney can review a person’s debts and assist them in making a sound decision on whether or not chapter 13 bankruptcy will be a viable option for their situation.
Meeting with an attorney can allow a homeowner to learn if they qualify for chapter 13. There are debt limits for this type of bankruptcy, but the average person would be hard-pressed to have debts that exceed this amount. If a person is approved, all collection activity, including foreclosure, must stop during the specified period given by the judge. The time given will depend on how much debt a person owes and how much income they have coming in.
Those who are facing the loss of their home now have more options than ever before. If you are in need of legal help, contact Dean Snyder Attorney at Law. He will help you overcome your debt so you can keep your home and secure a brighter financial future.
