Unfortunately, many homeowners are faced with a situation where they are unable to make their mortgage payments and are threatened with foreclosure by their lender. If you’ve missed two consecutive payments, you may be in danger of losing your home. Lenders often begin the process for Foreclosure in Dayton Ohio after the second missed payment. There are ways to avoid losing your home but you have to act quickly. In some cases, the lender will modify a mortgage for a homeowner who is able to make regular payments after suffering a job loss or other financial situation that prevented them from making a couple of payments. If your mortgage company won’t work with you, there is another option.
The other way to avoid foreclosure and possibly keep possession of your home is to file for personal bankruptcy. With Chapter 13, you may be able to keep your home if you have enough resources to make your regular payments. The courts will assess your income and other assets to determine whether you can afford your home and if so, a payment plan will be set up so you can make a single payment every month to the bankruptcy trustee. This payment will be a percentage of your income and will be disbursed to all of your creditors, including your mortgage company, every month.
Another alternative is to file Chapter 7 bankruptcy. With this option, you may not be able to keep your home but you may be able to avoid the significant expenses of a Foreclosure in Dayton Ohio. When you have a substantial amount of debts and not enough income or assets to pay them, this may be a good choice for you and your family. Chapter 7 bankruptcy may eliminate a lot of your debts, including credit card and mortgage debts so you can get a fresh start. There’s no reason to struggle with debt you can’t afford for years. With Miami Valley Bankruptcy of Dayton Ohio, you can get the debt relief you need to get control over your finances so you can have a better financial future.
