If you happen to fall behind on your mortgage payments it is important that you do not allow yourself to get discouraged. You have to keep in mind that there are tons of Americans falling behind on their mortgage payments every single month. Sometimes lenders and mortgage companies are happy to work out some kind of deal with you. This could include a modification on the current loan agreement or a short sale. Unfortunately, it is more common for a lender to start the process of a Foreclosure Beavercreek Ohio than to try to work something out. A foreclosure is a process during which the lender is going to repossess and sell your house in a public auction. The money made from the auction is used to pay what you owe the lender and to cover any legal costs.
When you get a paper in the mail saying that you’ve missed a mortgage payment you have to try not to panic. You certainly do not have to pack up your things and start looking for somewhere new to go. Most mortgage companies are not going to initialize a Foreclosure Beavercreek Ohio until a homeowner gets two to three months behind on their payments. The two or three months should give you time to find a way to catch up on payments or to find somewhere else to live. If you cannot get the mortgage company to work with you and you cannot catch up on the payments, your next move would be to speak to a law firm such as Miami Valley Bankruptcy to see what they can do to help.
While bankruptcy and foreclosure are two words that most people never want to hear or say they can go hand in hand. In fact, filing bankruptcy can become a very powerful tool if you want to try to keep your house. Once you file for bankruptcy the court is going to issue what is known as an Order of Relief. This is going to put you in an automatic stay which prevents creditors from being able to collect any money you owe them. This would include your mortgage company. Until it has been decided whether or not you quality to file bankruptcy your mortgage company would not be able to take your house or even contact you.
