There is nothing that is scarier than discovering that you are facing foreclosure. This is because a foreclosure stalls the dream that you had to own a home, not to mention the financial loss that it brings. It is important to know what steps you should take in order to prevent this nightmare from becoming reality. Perhaps the first step that you should take is hiring a competent foreclosure lawyer in Topeka KS. Here are some tips that can help you avert a foreclosure.
What to do after the notice of default
A notice of default is served to anyone that has defaulted on their monthly mortgage payments for three or more consecutive months. When you are served with a notice of default, the only way you can get out of the mess is by paying up all the money that you owe the mortgage lender. A foreclosure lawyer could ask for an extension, during which you are supposed to come up with the amount of money that you owe. In case you do not have the funds that are needed to settle the debt, you will have to look for other ways out.
The other way out
If you are really cannot find a way to settle the debt that you owe the lender, you will have to think of options that can help you save the home. One of the most commonly applied options is filing for bankruptcy. When you file for a chapter 13 successfully, it is possible to save the home. However, the bankruptcy process takes quite a while, meaning that you will have to hire a lawyer as soon as you get a notice of default.
The benefits of a foreclosure as a way out
There are many benefits that you get when decide to file for bankruptcy.
1. After successful filing, an automatic stay will be placed on the house. This will prevent the mortgage company from auctioning off the house.
2. You might benefit from lien stripping. This is a situation whereby if you have taken a consequent mortgage on the property, and the market value of the house is less than the balance you owe the mortgage, the second mortgage is stripped.
These are just a few of the things that a competent Foreclosure Lawyer in Topeka KS will help you achieve. Click Here for further details.
