You Can Avoid Foreclosure in Topeka, KS

by | Jan 31, 2014 | Lawyers

Top Stories

Categories

Archives

There are many options for avoiding foreclosure. Of course, it’s important to see an experienced foreclosure attorney before you get that far. That is just a little too late. In fact, why wait at all. If you see that you cannot make your mortgage payments for any period of time in the future, why not take steps to stop the foreclosure. There is no need to worry about loosing your home and all the hard work you have put into it as well as any equity which has been built up.
The worst part of foreclosure is the trauma that the family suffers losing their home, moving form their neighborhood and schools, and suffering the embarrassment of having to move because the house payments were not made. Foreclosure is not just a financial devastation, but it is also a family emotional problem which can have lasting effects.

Chapter 13 Bankruptcy can stop Foreclosure in Topeka, KS even if you have missed several payments and you are facing a foreclosure sale. If you cannot make regular monthly payments to your creditors then you may want to consider filing a Chapter 13 Bankruptcy which will help you save your home while helping reduce your overall unsecured and secured debt.

This is not a mortgage modification. Chapter 13 will structure a five year plan to catch up on the past due payments, but your mortgage payment will remain. However, one objective of Chapter 13 is to restructure or eliminate your remaining debts so you will have money to make the mortgage payments going forward. An attorney at Foreclosure in Topeka, KS will help you develop a debt restructuring plan.

You should contact your mortgage lender and try to arrange a mortgage modification which would have the effect of lowering your mortgage payments. This would be the preferable approach if you can negotiate a satisfactory payment plan. Many lenders are open to this option if they understand that your only other choice is to declare Chapter 13 or let the house go into foreclosure. Even if you have missed payments you might try to arrange another mortgage with another lender.