At Kennel and Ziegler LLC, we know that many people in Ohio are worried about losing their homes. That’s why we want to share some information about steps available to homeowners throughout the mortgage payment and foreclosure processes.
Please keep in mind while reading this that not every solution works for everybody. Depending on the status of your debt, you may be able to take early action or you might want to resort to stronger measures. No matter what you choose, please thoroughly check the reputation of any company or individual offering assistance.
We find that many people view their mortgages as a service provided to them by the lender. This may be true, but homeowners are also valuable customers for many financial institutions.
We find that negotiations are sometimes effective in reducing home loan payments. If your situation has changed and you expect it will affect your ability to pay your mortgage on time, you may be able to get a lower rate through persistently discussing the issue with your lender.
You may also be able to use relief, refinancing and home loan assistance programs, but these opportunities may not be exactly what they seem. If you are having trouble determining whether a program in one of these categories is reputable, examine the details. Remember that the home you are attempting to save hangs in the balance. Generally speaking, please be most skeptical of situations that would require you to sign over ownership of your deed.
Bankruptcy is probably the most powerful option available, but you would have to satisfy certain conditions and then apply successfully. Some types involve working up a repayment plan. Others might require you to sell off some of your assets to settle your debts. You would want to look at each option to determine which could help you keep your home.
One of the primary benefits of bankruptcy over other types of foreclosure avoidance and remedy is that Chapter 7 and Chapter 13 both could provide an opportunity for a fresh start on almost all of your debts. Please read more information on our main website.