A homeowner does all they can to pay their mortgage payments on time, in the hopes, one day, they can finally pay it off and own it without further payments. When a job loss occurs or an unexpected illness or injury, this can often cause a person to grow behind on their mortgage payments. Once a person grows three or more payments behind, they may face Foreclosure in Topeka KS.

Homeowners Have Options For Avoiding Foreclosure

Foreclosure is an ugly word no homeowner wants to hear. Thankfully, there is a legal way to stop it. When a homeowner learns they are not going to be able to make their payments, it is vital they contact their mortgage holder to see if the loan modifications can be made.

If a homeowner has done all they can to avoid foreclosure, but nothing is working, they have the right to seek Chapter 13 bankruptcy. Chapter 13 stops all collection activity from any creditors, including foreclosure. Homeowners who are facing foreclosure need to meet with a lawyer to determine whether or not bankruptcy can help.

Bankruptcy Offers Hope For Debtors

While there are two main types of bankruptcy debtors can file, Chapter 13 is the most beneficial for those who are facing Foreclosure in Topeka KS. When a person is approved for Chapter 13, they will be granted three to five years to pay down their debts and improve their financial outlook.

A structured repayment plan is put in place to ensure a person will be able to repay the debts they owe and keep their payments current. If the homeowner is current on their mortgage payments at the end of the bankruptcy discharge, they will no longer be in danger of foreclosure.

Bankruptcy gives homeowners who are facing foreclosure a second chance so they can work to keep their home. Those who are dealing with more debt than they can pay are urged to be proactive and seek legal help as soon as possible so they can avoid losing their home.

If you are in need of legal help for your debts, Click here. Call today so you can schedule your appointment to get started.