Facing foreclosure in Fairfield, OH is a traumatic situation in many ways. The individual, couple or family wonders where they will live and how they will ever overcome this setback. Fortunately, the option to file for chapter 13 bankruptcy is appropriate for many residents. This program allows the person in debt to catch up on arrears within three to five years, as long as the regular mortgage payments are still made. It’s a welcome option when the bank has refused to work with the homeowners for one reason or another. The bank’s internal regulations may not allow for refinancing if the homeowner is several months behind in payments, for example. The forbearance plan options may require an upfront payment that is too large or monthly payments that are not affordable.
Filing for chapter 13 bankruptcy as a defense against foreclosure in Fairfield, OH is allowed even after the case has been filed in court and even if the judge rules against the homeowner. Most homeowners are not blessed with a sympathetic judge; these officials commonly find in favor of the mortgage company as long as no evidence of definitive illegal procedures are found. Especially at this moment, it can be an ideal time to meet Dean Snyder, Attorney at Law, for a consultation about their options. The homeowners may pursue the possibility of a short sale, in which they sell the property somewhat short of the amount still owed on it. They might be interested in “cash for keys,” in which they turn in the deed to the bank and may receive financial relocation assistance.
Many individuals, however, want to stay put. They don’t want to lose their home and they may feel troubled about filing for bankruptcy. However, the chapter 13 program is remarkable because it allows people to pay their obligations. The payment arrangement is established for a longer time frame than creditors are allowing the homeowners, making it possible for them to catch up. Some homeowners have no debt other than the mortgage, and that’s the only payment arrangement they need to set up through the bankruptcy program.
