A foreclosure takes place when a homeowner is behind on their mortgage payments. Some mortgage companies will begin pursuing a foreclosure in Hamilton, OH as soon as a homeowner is behind three payments or more. Once this process starts, the homeowner can be forced out of their home after a specified time period. Homeowners who have gotten behind on their payments should never ignore their mortgage holder’s attempts to collect the debt. Instead, they need to face the company head-on and do all they can to avoid losing their home.
The first step in avoiding foreclosure is to contact the mortgage holder to see what arrangements they are willing to make. Mortgage companies may be willing to work with homeowners to make arrangements of the payments they owe. If no arrangements are offered, the homeowner may choose to hire a lawyer to represent them. A lawyer will attempt different approaches to avoid foreclosure in Hamilton, OH.
The first approach will involve the lawyer contacting the mortgage holder. Though the homeowner was unsuccessful in making arrangements, having a lawyer call may make a difference. The lawyer can sometimes convince the mortgage company to place the past due payments at the end of the loan or restructure the mortgage so the homeowner can get caught up on their payments. In some cases, this can be helpful.
If the lawyer is not successful in working with the mortgage holder, one option to avoid the foreclosure process may be to file for chapter 13 bankruptcy. Bankruptcy can allow a person to avoid foreclosure. This bankruptcy stops all collection actions from debtors and gives a person two to five years to catch up their payments. At the end of the bankruptcy, the person must be current on their mortgage payments, so they are no longer subject to foreclosure.
To learn more about the options for avoiding foreclosure, visit website. A lawyer can help any client through every step of the process to avoid losing a home through foreclosure. Contact them today to schedule a consultation appointment so the process can be started right away. Through bankruptcy, you can find financial freedom.