It can be frightening dealing with the prospect of losing a home, especially when an owner has been working for years to make their mortgage payments. There are many reasons people fall behind on their payments and being late can sometimes lead to Foreclosure in Topeka KS. When a homeowner is in danger of foreclosure, they need to learn all they can about their rights as a debtor and how a lawyer may be able to help them save their home.
What Should Homeowners Do When in Danger of Foreclosure?
When a homeowner is in danger of Foreclosure in Topeka KS, it is imperative they do not delay in facing the situation. Ignoring the collection attempts will only make the mortgage holder angry and cause them to seek foreclosure.
The first step a homeowner needs to take is to contact their mortgage holder to see if any payment arrangements can be successfully made. If the mortgage holder is willing to work out arrangements, the payments that are past due can be caught up so foreclosure can be avoided.
Should the homeowner find the mortgage holder is not willing to help, it may be time to seek the help of a lawyer. Lawyers can review a person’s financial situation and help them determine if they are a good candidate for avoiding foreclosure by filing for bankruptcy.
How Can Bankruptcy Help?
When someone files for bankruptcy, all of their creditors, including their mortgage holder, are listed on the bankruptcy. The creditors are sent cease and desist orders that are effective immediately, meaning the creditor can no longer pursue the debtor for the debt that is owed.
For a homeowner who is behind on their payments, this can stop any foreclosure activity and give time to catch up on payments. Most individuals are given between three and five years for their bankruptcy period which can be helpful when trying to get out of a tough financial crisis.
Homeowners who are facing losing their home need to seek help from a lawyer to see if they are a good candidate for bankruptcy. Visit the website today so you can get started.