Foreclosure is a nightmare for homeowners. After working so diligently to pay their mortgage payments, it can be devastating to face losing a home to foreclosure. Thankfully, there are means of avoiding this collection activity, but a homeowner must be proactive and act quickly. With this information, a homeowner will know what they need to do so they can avoid foreclosure and protect their home.
Before a homeowner contacts a Foreclosure Lawyer in Lawrence KS, they need to contact their mortgage holder. As soon as they discover they will not be able to make their payments, it is imperative they contact their mortgage holder for options. In some cases, a mortgage holder will offer options that will allow homeowners to catch up on their payments in arrears so they can overcome their debt.
If the mortgage holder refuses to be helpful, a homeowner should contact the Foreclosure Lawyer in Lawrence KS. A lawyer will sit down with a client and go over their financial records to determine which type of bankruptcy will be most beneficial. Homeowners who are facing foreclosure will generally see the biggest level of relief from Chapter 13 bankruptcy.
When a person is approved for chapter 13, they are given a certain period of time to pay down their debts. A restructured payment plan is drawn up by the client and lawyer and submitted to the court for approval. This restructured payment plan must be carefully followed to ensure the bankruptcy will remain in good standing. Generally, individuals are given three to five years to pay off their debt and this gives them time to catch up on their mortgage payments so they can avoid further collection.
If you are facing the loss of your home and want to avoid foreclosure, contact the office of Business Name. He will be happy to meet with you and go over your options for keeping your home. With chapter 13, you can avoid further collection and keep the home you love. Although the process takes time, a lawyer will make it much easier to go through. Get started today.
