Home owners do all they can to pay down their mortgage so they eventually own their property outright. Unfortunately, a lot can happen in the typical thirty-year mortgage period. Unexpected illnesses, job losses and financial distress can all play their roles in causing a person to get behind on their mortgage payments. When this happens, home owners often feel there is no way to avoid losing their home. Fortunately, there is a method through which An attorney can help stop foreclosure on your property. Those who are facing losing their home should read on to learn more about this pertinent information.
There are different methods attorneys will employ to help stop the foreclosure process and assist home owners in keeping their homes. They will often first contact the mortgage holder to see if any arrangements can be made on the account. Though the home owner has most likely tried this and gotten poor results, getting an attorney involved can sometimes cause a mortgage company to be more willing to offer arrangements.
If no satisfactory arrangements can be made, the home owner can file for chapter 13 bankruptcy. This type of bankruptcy lists all of the debts the person owes and prevents further collection action such as foreclosure and repossession.
When a person files, they must make sure they list all debts so they are not pursued through collections, wage garnishments, foreclosure or repossession. As long as the debt is listed in the bankruptcy, it is against the law for creditors to even contact the debtor.
Chapter 13 gives people two to five years to pay down their debts through a court scheduled payment plan. The amount of time a person is given depends on the amount of debt they owe and their monthly income. Going through bankruptcy often allows people to lower their monthly payment costs so they are more affordable.
People who are worried about losing their home should know an attorney can help stop foreclosure on your property. To avoid foreclosure and other collection actions, visit Thompsonanddeveny.com and educate yourself on the bankruptcy options available to you. With an attorney, you can finally overcome your debts and keep your home and other possessions.