Because a mortgage is a secured debt, the lender or lien holder is allowed to repossess the real estate collateral if you are not making payments. If you cannot make your mortgage payments, the lender can foreclose on your house.
Lenders can be ruthless in the foreclosure process. They employ attorneys and financial experts who work solely on foreclosure. Don’t try to fight them alone. The lawyers at Godbey Law can help. We recommend that you discuss your financial situation with one of our bankruptcy attorneys before making a decision about foreclosure. We represent people throughout the greater Cincinnati area and in northern Kentucky.
Helping Homeowners In Ohio And Kentucky
Filing Chapter 13 can prevent foreclosure by giving you time to catch up on your mortgage payments. Under Chapter 13, your debts such as credit cards, medical bills and your mortgage will be consolidated and reorganized into a new payment plan over three to five years. During this time, the payments will be lowered so they are affordable based on your level of income. When you complete the repayment plan, certain remaining debts may be discharged.
You can also stop foreclosure for a time by filing Chapter 7. This is typically a temporary solution to foreclosure, but we will discuss the option with you.
Filing bankruptcy is often an effective means of temporarily or permanently stopping foreclosure. However, it is not the right option for everyone. Sometimes, we can work something out with the bank to get you back on track with your mortgage payments. Our attorneys can also assist you with a home loan modification. We will only recommend bankruptcy if it is your best chance of keeping your home.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.