Making Your Home Affordable
Since the economic downturn began in 2008, many homeowners have fallen behind on their mortgage payments. Even those who have stayed current often find themselves paying on a mortgage with a principal will in excess of their home’s value.
Banks are now filing foreclosure actions relatively quickly- often after only 3 or 4 missed payments. Although banks officially say that they want to work with homeowners, that is not always the case.
Many clients who receive foreclosure notices call our office to ask how long they can stay in their home until they are thrown out on the street. I counsel them on the multitude of viable options available to them.
There are government programs such as HAMP (Home Affordable Modification Program) and HARP (Home Affordable Refinance Program) that may lead to lower, more affordable payments. There is one program (Save the Dream Ohio) that could provide up to $25,000 toward your mortgage delinquency.
We have had many clients who not only save their homes during the foreclosure process, but also receive lower interest rates, smaller payments and extended terms.
Sometimes filing a fresh start Chapter 7 bankruptcy will enable individuals to extinguish their unsecured debt (such as credit cards and medical bills) so that they then have the financial ability to make house payments.
If you receive a foreclosure notice or need help addressing issues regarding your mortgage, you can call us for guidance through what can otherwise be a tedious process.
We can be reached at (419) 327-6160.