When you find yourself in a situation that you’re about to face Foreclosure in Fairfield OH, you don’t have to give up hope and your home. There is still an option open to you that helps you keep your home and forces the bank to negotiate with you instead. The key to making this option work is by acting as soon as you know you are about to be in trouble, are behind on payments or the bank has notified you that it is going to begin foreclosure proceedings against you.

Filing for bankruptcy is the most effective way to stop a Foreclosure in Fairfield OH from going any further. When a bankruptcy petition is filed with the court, the automatic stay is put into place. This stops all creditors from trying to collect money or assets from you until the trustee moves your case forward. Your lender is a creditor, and as such, is prevented from being able to take the home back from you while you are in bankruptcy. It’s essential that you make this move quickly to stop the lender from attempting to be exempted from the bankruptcy after you file. In the event that the bank has filed paperwork with the court, it becomes that much more difficult to stop the process.

The chapter that is used for stopping a foreclosure is Chapter 13. This chapter dictates that all debts have to be reorganized into a payment plan that you can afford. It also allows you the opportunity to bring your mortgage current without threat of penalty by the lender.

During Chapter 13, a formula is used to determine how much you can afford to pay towards your creditors each month. Your bank can argue that you are not paying enough, but it eventually has to come to an agreement of some kind. The court will not let the negotiation go on until the bankruptcy is ended. To that end, the bank is under pressure to accept a modified payment arrangement, and one that you can handle with your income. In the meantime, you stay in your home and never have to leave it provided you keep up with your payments.

Visit Deansnyderattorney.com today to learn more about how a lawyer can help you save your home.

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