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How to Handle a Foreclosure Having a home that is owned is a rite of passage for many people and a goal that lots have. When a house is bought the home owner must make a mortgage payment for a set number of years that is often due on a monthly basis. Most think that they can afford their mortgage payments forever and likely they could at the time of the purchase. Unfortunately, there are things that can happen that make it difficult and even impossible to make these payments when they need to be. Things that happen that make it difficult to pay the mortgage may be unemployment or a loss of hours at work. Another situation that cannot be foreseen is health problems that require medical care for an extended period of time. If a homeowner misses too many payments then the property may go into a foreclosure process. The process of foreclosure is what happens when a mortgage company realizes their client is very far behind on payments and that they may take the property back due to the past due amounts. The goal of the mortgage company is to eventually put the home on what is called a short sale or auction so that they can get some of the money back on the loan. The good news is there are some things you can do as the homeowner to stall or completely stop the foreclosure and stay in the home for a longer period or perhaps even permanently. People may be able to work out an arrangement with the lender to become current and it is wise to contact the company as soon as possible when paperwork arrives to try and come to an agreement that is affordable and that will satisfy the requirements of the lender and it is always best to get any payment agreements in writing so that it cannot be disputed. A legal option such as bankruptcy may be needed if the foreclosure has begun and an arrangement cannot be made directly with the lender. Bankruptcy is offered in two different types and it is possible that one will be the right choice over the other. Chapter seven bankruptcy is one type and they do sell some assets that aren’t exempt and most times the home is not part of that and a person is able to stay in the home.
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Chapter thirteen is a type where the payments can be made over a set number of years and will catch up on past due debts and a person must make a certain amount of money to do so. Those that are considering filing for bankruptcy should consult with a property lawyer so that they understand the types and which would be best for their personal financial situation. Handling a foreclosure is one of the most difficult financial situations possible but it may save the home and property if it is handled properly and with smart decisions.What Has Changed Recently With Lawyers?