When a homeowner purchases a home, their goal is to pay it off so they can outright own it one day. After making years of payments, it can be devastating to face a financial crisis and be in danger of losing a home to Foreclosure in Cincinnati OH. Thankfully, there are laws that protect homeowners in the process.
Is It Possible to Avoid Foreclosure?
When a financial crisis occurs, a person can grow behind on their mortgage payments. When this happens, they are in danger of Foreclosure in Cincinnati OH. A mortgage holder has the right to start the foreclosure process after a homeowner is delinquent on their mortgage payments for 120 days.
Although the foreclosure process is lengthy, once it starts, it can be difficult for a homeowner to save their home. This is why it is important homeowners seek help from a lawyer. A lawyer can offer bankruptcy information to help a person determine if Chapter 13 will be beneficial for them.
What Is Chapter 13 Bankruptcy?
Chapter 13 is a type of bankruptcy that is sometimes referred to as a wage earner’s bankruptcy. Unlike Chapter 7, a person does not have to surrender their assets, but they must have the capability of paying monthly payments to the court.
A person filing for Chapter 13 must submit a structured payment plan to the court. This payment plan outlines how they plan on repaying the debts they owe over the three to five year period they are given by the court. A lawyer helps their client draw up their payment plan.
It is imperative a person sticks with this payment plan because failure to pay could result in their bankruptcy being dismissed or being converted to Chapter 7, where their property could be liquidated. A lawyer will help their client protect their home, so it is not lost to foreclosure.
Get Help Now
Those who are facing the loss of their home due to foreclosure are urged to contact a lawyer right away. Get free consultations when you call the office today. They will be happy to help you learn more about your rights for avoiding foreclosure so you can make a sound decision to protect your home.
