Many individuals in Ohio and elsewhere might approach the prospect of buying a home with nothing but excitement. However, this decision may also bring about financial responsibilities that could prove troublesome should one fall behind on payments. Facing a foreclosure can be an intimidating process, but it may also take time to complete, and a person might be able to take certain actions to delay or prevent it from occurring.
Upon taking out a mortgage, an individual must sign a contract agreeing to pay back the amount borrowed over a given period. While a person may be fully capable of making the necessary payments at the time, unforeseen circumstances such as a loss of employment or medical emergency could complicate matters. Should this person fall behind on mortgage payments, the lender may seek to recover its losses through foreclosure.
Once a lender initiates the foreclosure process, one may seek to prevent it by getting up-to-date on payments. However, if a person is unable to do so, he or she should speak with the lender as soon as possible. Those who are able to make a lesser payment could be eligible for a loan modification, while others who face short-term financial hardships may wish to seek a forbearance.
For a person in Ohio, the potential of losing a home can be a daunting experience. Those who face similar concerns could benefit from speaking with a bankruptcy attorney for advice on the options available. An attorney can evaluate the situation and advise a client in coming up with a strategy to stop foreclosure and retain possession of his or her home.
Source: realtor.com, "How to Stop Foreclosure and (Hopefully) Save Your Home", Jeanne Sager, Jan. 31, 2018