When a homeowner is facing foreclosure, it is vital they seek help right away. Waiting too long may make it impossible for a homeowner to be able to avoid foreclosure in Hamilton, OH. By being proactive and seeking alternative options from the beginning, a homeowner may be able to keep their home and avoid further collection activity.
- The first step a homeowner should take is contacting their mortgage holder to see if any payment arrangements can be worked out. Mortgage holders will sometimes allow an owner to adjust their loan payments so they can catch up on the amount that is in arrears.
- Homeowners may also apply for a loan modification. If the loan modification is approved, the homeowner will not face foreclosure, and their mortgage payments will be reduced so they are more affordable.
- If a homeowner cannot pay their full mortgage payment, it can sometimes be helpful for them to at least make a partial payment. Mortgage holders will sometimes be more lenient to those owners who are at least attempting to pay down their debt.
- Bankruptcy is an option that can help homeowners avoid foreclosure. Once the bankruptcy is in effect, all collectors must cease and desist and are not even allowed to contact the homeowner, much less attempt to collect on the debt. Many homeowners are given three to five years to pay down their debt.
Chapter 13 is a type of bankruptcy that helps those who have mostly secured debts. It can be especially beneficial for homeowners who are facing the loss of their home due to foreclosure. The sooner a homeowner gets a lawyer involved, the better the chances of them being able to keep their home.
If a homeowner needs help avoiding foreclosure in Hamilton, OH, it is imperative they contact a lawyer’s office right away. If you would like further information on your options for foreclosure, click here. Scheduling a consultation appointment will allow you to learn more about your legal options and what can be done to help you avoid foreclosure. They will be happy to help you overcome your debt so you can be financially fit.
