For anyone facing foreclosure, the stress of the process can be overwhelming. Even worse is that some states have foreclosure laws that allow lenders to initiate and complete the process in a little as 45 days. Even though Ohio is not one state that carries such laws, residents may still face a time crunch when it comes to protecting their home. Luckily, there are options.
Halting A Foreclosure
If you have yet to receive a foreclosure notification on your home, you are in a unique position to obtain help to prevent such action. In many cases, lenders are willing to work with you to develop a plan to fight off the risk of mortgage debt and foreclosure. However, you must act quickly and with persistence when dealing with lenders.
If you are unable to secure a plan with your lender or have already been notified of your impending foreclosure, consulting with a Dayton bankruptcy lawyer is your best option. A lawyer can help review your financial situation, threat of foreclosure and develop a plan to help keep your home. Filing for bankruptcy will put an immediate halt to any active foreclosure proceedings through the automatic stay order. You will be safe from eviction in your active foreclosure case while you work to repay your missed payments in Chapter 13.
Even if you decide not to pursue bankruptcy, an experienced bankruptcy lawyer is also trained in the field of debt negotiation. Many lawyers are also certified debt arbitrators and foreclosure specialists. Be sure to utilize the help of a professional when dealing with a serious issue like foreclosure.