We are bankruptcy attorneys located in Eastgate and Middletown, Ohio. Our main focus of practice is bankruptcy law. We have been serving the Greater Cincinnati community for more than 30 years.
Job loss, a medical emergency or any number of other issues can cause you to fall behind on your mortgage payments. A mortgage company usually will not start a forclosure until you get about 3 to 4 months behind on your mortgage. Once a foreclosure is started it will take approximately 6 months for it to complete. In foreclosure your home will be auctioned and transferred out of your name. But you can stop this process.
The problem that caused you to get behind may now be resolved but you may still be behind on your mortgage. Your mortgage lender will almost want all delinquent funds paid in a lump sum before stopping the foreclosure. Most people are not able to come up with this large sum of money. A chapter 13 will stop the foreclosure and force your mortgage holder to accept back payments over a three year period.
If you are considering withdrawing retirement savings to save your home STOP! This could be a very costly mistake. First, schedule a free consultation with one of our attorneys to discuss your options.
CHAPTER 13 BANKRUPTCY
Once you are behind on your mortgage almost all lenders want all the back payments paid at once. Few people have these funds available. This is when you need to consult with a bankruptcy attorney. Chapter 13 bankruptcy is available. Chapter 13 can save your home. Once you are under the protection of Chapter 13 your mortgage company must stop all foreclosure proceedings. Through your bankruptcy case you will have 3 years to pay back the arrears to your mortgage lender. Your mortgage company must comply with these rules and must stop the foreclosure.
As to your unsecured debts, Chapter 13 can help you with that too. You will be only paying back a percentage of your unsecured debt and at no interest.
If you are struggling with your mortgage or other debts call us today. We offer a free consultation, fair fees and monthly payment plans. We can help you get out of debt and save your home.