The worry about falling behind on the mortgage and losing their home is a terrifying reality for many people that are struggling through the economy. Getting that notice from your mortgage company that your home is in foreclosure is a hopeless feeling, and it that is what you’re facing right now, you are probably seeking something, anything, that can help you keep your house. Falling behind on your mortgage does not mean you have to just accept the fact that you are going to lose your home. One thing that you might want to look into if you’re facing Foreclosure in Fairfield, OH is see if you qualify for chapter 13 bankruptcy.
Filing bankruptcy can be scary, but for many people it is the first step in regaining control of their finances. If it is something you would like to try, the first thing you need to do is speak with an attorney. Your attorney will be able to tell you if you meet the criteria for chapter 13 and help you file your bankruptcy petition. If your petition is accepted, you agree to make a set amount of payments for a period of three to five years, after which your debts are considered paid in full. During this period, you will need to continue making your mortgage payments, but your home will no longer be in Foreclosure in Fairfield, OH. The missed payments can be added on to your chapter 13 and paid off over the repay period, and once it is all over, you will have a clean slate with most of your debt eradicated, meaning it should be much easier to keep up with the payments.
Though it may not seem like the ideal solution, if you have tried everything else you can think of, it can’t hurt to explore the option of bankruptcy and see if it might work for you. Waiting for things to get better is only pushing you closer to the day that you might actually lose the house, so don’t delay. Go to www.deansnyderattorney.com to learn more about how bankruptcy works and make an appointment to sit down with an attorney for a free evaluation to discuss your options.