Many homeowners in Ohio and across the nation may find that falling behind on mortgage payments can be a daunting experience. Unfortunately, a similar issue might not be as uncommon as expected, as a sudden loss of employment or medical emergency can leave one’s finances in a bind. Those who experience extended periods of financial struggle may be worried that they will lose their homes, and they might find it advisable to seek advice on the options available to protect against foreclosure.
There could be several scenarios in which a person can fall behind on mortgage payments. Loss of income or unexpected expenses can prove difficult at times, and this can lead a person to consider borrowing against an existing mortgage to assist with financial concerns. Regardless of how it occurs, if foreclosure becomes a possibility, gaining an understanding of one’s rights and options could prove invaluable to forming a plan for what comes next.
One sure way to stop a foreclosure could be to make the necessary payments to bring a mortgage up to date, but for someone experiencing financial strain, this could prove challenging. A person can also attempt to negotiate reduced payments with the lender. In some cases, one could also consider selling the property, but this might not always be the desired path.
When facing the possibility of foreclosure, those who wish to protect against undesirable results could consider seeking guidance on how best to approach the situation. By retaining the services of a bankruptcy attorney, a person in Ohio could gain a better understanding of his or her available options. An attorney can help a person form a plan with which to pursue relief from debts and seek the most favorable outcome possible concerning the family home.
Source: thebalance.com, “Foreclosure 101: How to Protect Yourself“, Paula Pant, Accessed on May 6, 2018
