If you are facing potential foreclosure in Fairfield, OH, it can be incredibly stressful. You might be getting phone calls, letters, and other communications that are telling you to pay up or give up your home. In reality, it is not as simple as that. After all, this is your home, and you probably can’t imagine living somewhere else. Fortunately, there are ways to work around a foreclosure notice, and your attorney can help.
One of the most effective ways to deal with a foreclosure today is declaring bankruptcy. Many people may initially balk at declaring bankruptcy because they are worried that it will cause too much damage to their credit report. In actuality, it really won’t damage your credit standing any more than a severely past due home that is foreclosed on. Foreclosure can be prevented if you officially ask for bankruptcy protection under federal law. This law prevents the lender from taking your home back while it is involved in the bankruptcy proceeding.
In many bankruptcies, the person who declares bankruptcy is able to keep both their home and their main vehicle. It only requires that your lawyer negotiates with the lender to make a new agreement about future payments. Generally, in the case of foreclosure, the lenders will work with you and your lawyer to postpone past due payments until the end of the loan. Often, you can even ask that the lenders forgive some of the past due fees and penalties that may have accrued on your mortgage.
The timing for delaying a foreclosure by declaring bankruptcy may vary. In most cases, it can take several months or longer until the bankruptcy is finalized. Therefore, it will be several months or longer before you are required to resume making payments on your mortgage. Once you make a repayment agreement with your lender, be sure to stick to it in the future to prevent any further foreclosure notices, though. The right way to handle a situation like this may be different for every person, however if you think you may want to look at foreclosure in Fairfield, OH, consider calling R. Dean Snyder Attorney. This attorney has considerable experience with foreclosures and bankruptcy and can help you today.