What to Know About Foreclosure in Topeka, KS

Owning a home is considered the American dream. However, many homeowners have been forced into foreclosure in Topeka, KS because of unfortunate circumstances. Financial hardships can occur because of injuries, ill health, or job loss which causes the homeowner to fall further and further behind on payments. . First time home buyers are usually the ones at risk for defaulting. As devastating as foreclosure is, you will get plenty of chance to save your home. You do not have to give up when you see that intent to foreclose document. If your lender is threatening foreclosure, you have several options to stop it.

The first step is to contact your lender before the problem gets overwhelming. Ignoring it will not help the situation. Answer all letters and calls. Some lenders may delay the process if you tell them you situation. They may give you extra time to catch up missed payments or arrange a new plan. Most homeowners neglect to communicate thinking the lender will not help them. Many lenders will be happy to accept lower payment and avoid foreclosure. If you don’t feel comfortable making negotiations yourself, a foreclosure counseling agency will be able to offer assistance. It is advised you choose an agency from a list provided by the Department of Housing and Urban Development You can also try something called forbearance. A forbearance involves the lender temporarily stopping or lowering payments until your finances improve. You qualify if your income has greatly decreased or living expenses increased. You may need to present the lender proof of this. Another way to stop foreclosure is bankruptcy. Bankruptcy can b taken to saveyour home if there are no other options. Chapter 13 bankruptcy will help you keep your home and restructure your payments. Your income must be sufficient to qualify for Chapter 13 bankruptcy.

Foreclosure is difficult, but you have many options to stop it. However, you have to take action quickly. You commonly have 120-140 days before your home is sold. You will also want to be leery of ‘mortgage rescue’ offers. These offers are often fraudulent. You are encouraged to hire a foreclosure attorney so you can learn your rights and get advice.
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