Everyone knows that if they get behind on their mortgage payments, the lender will foreclose and they can lose their house. Some people accept that this is the only option and the prepare to move out of the house when the lender or the court tells them to go. What they don’t know is that there is another option that could help them keep their house and pay the missed payments over time. This option is chapter 13 bankruptcy.
To prevent foreclosure in Hamilton, OH, a homeowner needs to talk to a lawyer as soon they receive notification of the lender’s intentions. Once the preliminary work is done and the bankruptcy paperwork is filed, the lender must immediately stop their foreclosure action. This doesn’t permanently stop the foreclosure, but it will prevent the lender from evicting a family from their home until the court hears the case.
Families who want to prevent foreclosure in Hamilton, OH with chapter 13 bankruptcy must follow all of their attorney’s instructions. There may be mandatory hearings and individual or couple who is trying to get bankruptcy protection must attend. One significant advantage of hiring an attorney to assist with the bankruptcy is that the attorney could help prepare their client for this meeting and the questions that might be asked. Experienced attorneys have likely been to a lot of meetings of creditors and have a wealth of information they can share with their clients.
Homeowners who have missed two or more consecutive payments on their mortgage can expect to receive notice from their lender of their intention to foreclose on the property. Families that want to do everything they can to keep their house can visit us to learn more about how a bankruptcy attorney can assist them. Chapter 13 bankruptcy is a process that could help an individual or couple pay all of their bills on an extended payment plan. The family merely needs to make one payment per month to the court trustee instead of separate payments to all of their creditors. This makes it easier to pay off consumer debts along with the monthly mortgage and arrears.
