Home foreclosure is a term describing the legal process of a lender or municipality seizing a property in order to pay off debts or back taxes. For property owners, the threat of Foreclosure in Fairfield OH can be absolutely terrifying, but t’s important to remember that just because a mortgage lender or municipality has filed a complaint, that doesn’t mean it’s time to give up hope on keeping the house. The best thing to do in the unfortunate event that outstanding payments or taxes are threatening a resident’s ability to stay in his or her home is to hire an attorney.
The best time to start looking into legal representation is as soon as a complaint has been filed. Options that are available to homeowners early on in the foreclosure process may become unavailable if enough time passes before seeking help. If the imminent foreclosure is due to failure to make mortgage payments, the lender is required to send a letter to the owner of the property to alert them of their intention to pursue foreclosure proceedings prior to officially beginning the process. Typically they offer a period of 30 days to rehabilitate the loan. Rehabilitation payments can sometimes be negotiated. Even if the lender refuses to modify the loan, homeowners should take advantage of this advanced warning to pursue other legal options.
Filing for a Chapter 13 bankruptcy is one of these options. It will allow the owner to stay in the home, and increase the amount of time offered to get loans current before further actions can be taken. This must be accomplished prior to the foreclosure going through, so time is of the essence in finding legal help.
Those who are able to renegotiate the terms of their loans with their lending companies may still want to consider hiring an attorney. Unfortunately lenders sometimes unscrupulously fail to disclose the wide spread of options available to homeowners when they are not in the best interest of the mortgage company. An attorney can help his or her clients evaluate these options, and find the best fit. Homeowners concerned about the possibility of imminent foreclosure in Fairfield OH can learn more about available options online. Visit us on the web to find out more, or call to schedule a consultation.