There are many things that can occur in a person’s life to make it hard for them to pay their mortgage. Experiencing a job loss can be an unexpected occurrence that can really throw a person’s finances for a loop. Some people have emergency funds created to help ensure they have money available to deal with unforeseen situations. However, they may not have enough funds saved to take care of all their expenses until a new job can be obtained.
Going through a divorce can also cause a person to have less money available to take care of obligations that used to not be a problem for them. Learning to live on a lower income, having to pay a lawyer, and dealing with increased stress at the same time can be a lot to deal with. Some people may have to assume debt that was created in the marriage but was incurred by the other spouse. A divorce is a common factor that causes people to make the decision to speak with a lawyer like Business Name to discuss their options for dealing with a Foreclosure in Lawrence KS.
After falling behind on their mortgage payments, the home lender can start the process of selling the home at auction. This is done so the lender will get money for the home. There are several steps involved in this process. A bankruptcy filing can be used to delay or avoid this process. Once a filing is made the court will direct creditors to stop their collection activities. This can usually give a person a couple of months to figure out what they should do next and take action. A Chapter 13 bankruptcy filing can help a homeowner keep their place. A payment plan can me made that will allow the unpaid payments to be paid off over time. Any second or third mortgages on the property may be eliminated with this filing. Anyone who is having trouble meeting their mortgage payments and is afraid they may not be able to keep their home should make steps to meet with a lawyer that can help them prevent a Foreclosure in Lawrence KS.
