We are bankruptcy attorneys located in Middletown, Ohio. We specialize in Chapter 7 and Chapter 13 bankruptcy filings.
The American dream, to own your home. Once that is accomplished you can feel safe and secure. You have a warm place to lay your head every night and you are not just throwing your money out the window. A home is an investment. Most cannot outright purchase their home. Most Americans will take out a mortgage to purchase their home. A mortgage is a 15 or 30 year loan with a low interest rate that you can obtain to purchase a home. Usually when you first purchase the home you have everything worked out financially to where your life is not such a struggle, Unfortunately things do not always stay so good after you move in. Life is full of unforeseen challenges and no one can see into the future. Let’s hope the future has nothing but good, but in reality this is not always the case. You may have medical issues. Perhaps you could have an accident and be off work for a length of time. You may even lose your job and have to seek new employment. During these times it can be hard to keep up on the house payment that you so carefully considered and knew you could afford. Some you may fall behind on your house payment. That is the problem with a mortgage, if you do not make the monthly payment the mortgage company has the right to foreclose upon your home and take it back for them to invest in or re-sell.
Many feel devastated once this documentation is received from the court and think they are at the end of the road for their home. Well this is not necessarily the case for everyone. Even if there has been a foreclosure filed you may still be able to save your home through the bankruptcy process.
If you have fallen behind on your home due to an accident or job loss and things have begun to turn around you can file a Chapter 13 and save your home. If you file for Chapter 13 the mortgage company will have to stop the foreclosure proceeding against you and you will stay in your home. You will have a time of three to five years to make up the payments you missed to the mortgage company. The Chapter 13 office will also make your regular mortgage payment for you. What this means is once you complete your case the trustee will certify that you are current on your home and all arrears have been paid. The creditor must reply to agree or disagree with this statement. They will not be able to come after you for any past due charges and they cannot say you are behind on your current house payment.
If you have fallen behind on your home and your financials have not gotten better do not get depressed, a bankruptcy filing will still be beneficial for you. It can slow down the process of the foreclosure and give you some extra time in your home, as the court proceeding must stop once the chapter 7 is filed. The mortgage company will have to gain permission from the bankruptcy court to move forward with the foreclosure or just wait until your case completes and you receive your discharge, they can then move forward with foreclosure. Filing will also prevent a judgment on your credit from the mortgage company and prevent them from garnishing your future wages in regards to this debt.
For more information check out our website at www.middletown-bankruptcy.com.
Call today we can help you save your home from foreclosure. We offer a free consultation and fair fees. Contact your Middletown, Ohio bankruptcy attorney today.