As a homeowner, you do all you can to be able to keep ownership of your home. When you fall behind on your mortgage payments, lenders will typically go into foreclosure after the third payment is missed. When this happens, a legal process begins that will eventually allow your home to be auctioned and sold, giving you no choice but to find another home. To avoid foreclosure, you can file bankruptcy and get help. Through the help of a lawyer, you can get help with your Foreclosure Dayton Ohio. This information can assist you in being proactive in the foreclosure process, so you do not lose your home to the bank.
What Can You Expect During Bankruptcy?
To be able to save your home, you will need to file Chapter 13 bankruptcy. Once your bankruptcy is filed with the court, an automatic stay will be ordered. This causes all of your creditors (including your mortgage company) to stop pursuing you for any of the debts you owe. This order will remain in effect until your bankruptcy is decreed by the judge. This can give you up to four months of time, to work on coming up with the money you are behind on or even selling the home, if you choose.
Once your bankruptcy is in effect, you can take up to five years to pay off any late payments you owe. You must also continue paying your regular monthly mortgage payments as well. If you keep your payments paid up and are no longer behind at the end of the bankruptcy period, you will be able to avoid Foreclosure Dayton Ohio. This is the perfect option for those nearing foreclosure status, but have not yet been served. If you are already in foreclosure, a lawyer still may be able to help you. He or she can contact your lender and often work out arrangements to settle your debt.
If you are in need of help with your Miami Valley Bankruptcy, and learn how they can assist you through the process and work towards helping you to avoid foreclosure on your home.
