Common question we hear : If I am behind on mortgage payments and file for bankruptcy, can I stay in my house and avoid foreclosure?
A bankruptcy will only stall a foreclosure, it will not stop it indefinitely. As soon as the homeowner completes their bankruptcy, the foreclosure proceedings continue immediately. At that point, there are additional missed payments, interest and legal fees that have accumulated and need to be brought current. Even if the home was included in the bankruptcy filings, that doesn’t mean the bankrupt homeowner gets to keep the house without making the payments. All missed payments and fees must be paid or the foreclosure continues.
There is good news though. A bankruptcy can be overcome relatively quickly as long as no more payments are missed and the recent bankruptee makes all payments on time moving forward. In fact, after a bankruptcy, many people can finance a new home in as little as 24 months! But if there is a mortgage that is still behind, that must be dealt with immediately.
That’s where Summit Home Solutions can help you. In Ohio, we are a “Judicial Foreclosure” state - that requires a bank / lender or note holder to use the court system to call the mortgage loan in default and take ownership of the property. For Ohio owners this is a small benefit as it gives a homeowner behind on payments just enough extra time to deal with their situation. If you call, text or send us your contact information we can help you with your pre-foreclosure situation. We have fast solutions for today’s property problems.
Don’t let one bump in the road cascade into more problems. Stop the bleeding now and contact us so you can get back on the path and rebuild your credit and situation. We are here to help, contact us today!