The goal of every homeowner is to pay off their mortgage as quickly as possible so they can own their home and never have to worry about making mortgage payments again. Unfortunately, unexpected issues can arise and cause a person to grow behind on their payments. Once a person is 120 days delinquent, they may face Foreclosure in Hamilton OH.
How Can Homeowners Protect Their Homes?
If a homeowner wants to avoid the loss of their home to Foreclosure in Hamilton OH, it is imperative they are proactive and contact their mortgage holder as soon as they discover they are going to grow behind on the payments. This may allow them to work on successful payment arrangements that can help them avoid losing the home.
There are some government programs that can help homeowners to avoid foreclosure, but there are certain stipulations. If a homeowner finds they are not able to make satisfactory arrangements, it behooves them to seek the help of a lawyer.
Meeting With a Lawyer Offers a Homeowner Information on Bankruptcy
When a person meets with a lawyer, they will learn if they are a good candidate for Chapter 13. This type of bankruptcy is meant to help individuals who have mostly secured debts and a steady monthly income.
Chapter 13 will help a homeowner to protect against the loss of their home to foreclosure because all creditors listed in the bankruptcy must cease any further collection activity. With the restructured payment plan that is submitted to the court, a person can work to pay off their debts and stay current on their mortgage payments so they can keep their home.
To be approved for Chapter 13, a person’s debt cannot exceed the set limit. A person must also go through means testing and work to make sure they make their monthly payments to the trustee. If a person fails to make their payments as agreed upon, their bankruptcy will be dismissed.
If you are in danger of losing your home, it is your right to hire a lawyer to help you. To learn more, visit Dean Snyder Attorney At Law for a consultation.
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