When a homeowner fails to make two or more consecutive mortgage payments, the lender typically begins the foreclosure process. There are some steps you can take to avoid losing your home but it is important to start working on them as soon as you know you are in financial trouble.
The first step to try to avoid Foreclosure in Dayton Ohio is to talk to your lender. Your mortgage company may have a program that allows people in your situation to get back on track by paying a little extra every month or may even offer to modify your mortgage so your payments are more affordable. Of course, you will need to have sufficient income to qualify for these options.
If you’ve had a significant drop in your income due to job loss, divorce or unexpected medical expenses and you want to keep your home, Chapter 13 bankruptcy may be an option for you. To use this kind of bankruptcy, you have to have some income and you will still have to make payments on your mortgage. However, your payments may be more affordable because they can be adjusted to your current income.
Bankruptcy may also be a good option when medical expenses are preventing you from being able to make your monthly mortgage payment. Many medical bills can be discharged in bankruptcy so you can focus on your housing expenses and prevent foreclosure. In Chapter 13 bankruptcy, the court assigns a priority level to each of your bills and makes payments to your creditors based on that assignment.
Homeowners who are interested in using Chapter 13 bankruptcy to prevent Foreclosure in Dayton Ohio can Visit the website for more information about how bankruptcy works and to get in contact with a lawyer who can explain their options. Unfortunately, if you have lost all sources of income, you may not be able to keep your home. However, you may still have options to avoid having a foreclosure on your credit report. An experienced attorney may be able to help you by working with your lender to get approval for a short sale if your mortgage is underwater.
