Proud homeowners do all they can to protect their ownership. When unexpected illness, injury or a job loss occurs, making mortgage payments can become onerous. Once a person gets behind on their mortgage payments, the mortgage holder automatically begins the process of pursuing their payments. Eventually, this leads to the foreclosure process. Foreclosure can cause a homeowner to lose their home and be forced to vacate. Fortunately, there may be a way to prevent this from occurring. Through the help of a foreclosure lawyer in Lawrence, KS a homeowner’s rights can be protected.
Meeting with a foreclosure lawyer in Lawrence, KS can help homeowners understand their rights when it comes to the foreclosure process. The first step in helping to save a home from foreclosure involves contacting the mortgage holder.
Though the homeowner may have tried to reach out to the mortgage company, getting a lawyer involved may make a difference. Lawyers can sometimes prove beneficial in helping homeowners make satisfactory payment arrangements with their mortgage company. If the mortgage company refuses to be cooperative, foreclosure can still be avoided through bankruptcy.
A chapter 13 bankruptcy can assist homeowners who are in danger of foreclosure. Once bankruptcy has been filed, this prevents the mortgage holder or any other creditor from further pursuing the debt amount owed.
This type of bankruptcy offers individuals two to five years to work towards paying off their debts through court payments each month. These payments are based on the individual’s income. As the payments are distributed among the creditors owed, debt amounts are slowly brought down.
Bankruptcy can allow a person to catch up on past due payments while keeping their monthly payments current. At the end of the bankruptcy period, all payments on the home must be current to avoid further foreclosure action.
To learn if this can help save your home, contact Business Name. Through legal help, you can learn more about your rights for avoiding foreclosure. A lawyer can assist you in saving your home so you can overcome the debts you owe and secure a better financial future.
