Being at risk of foreclosure is a tough place to be, especially when all available options have been tried. The threat of losing the home becomes real when you can’t get the bank to talk to you, and you can’t get into a home refinance loan. But, this is not the end of the story by any means. If you act quickly enough, you can stop Foreclosure Beavercreek Ohio and increase the chances you can keep your home. The key is getting to a lawyer before the bank starts court proceedings against you.
Bankruptcy is the most effective way of stopping a Foreclosure Beavercreek Ohio and forcing the bank to negotiate. To begin with, putting in a petition for bankruptcy halts the collection activities by creditors. This includes the bank’s attempt at taking back the home, and stops the attempt dead in its tracks. Now, instead of taking the home back, the bank has to cooperate with you in your attempts to get the mortgage payments down to a more reasonable amount every month.
Stopping foreclosure works like this: filing a Chapter 13 bankruptcy invokes the court ordered reorganization of debt between debtor and creditors. You and your lawyer work together to come up with a way to cure the debt on your mortgage, or get payments reduced. The offer is sent to the bank for approval, or the bank can send it back for more negotiating. In the meantime, the bank can not take the home away from you while you are in negotiations. You stay in your home while a settlement is created that satisfies all parties that are involved.
During the bankruptcy negotiations, you don’t have to do much except wait for your lawyer to bring you the offers, work on negotiations with your creditors and keep you updated on progress. The lawyer does all of the heavy lifting on your behalf so you can work on getting your life back to normal. The lawyer works to take all of the worry of losing your home and helps you keep it for the long run.
Click here for more information about how bankruptcy can help save your home.
