Foreclosure is a word a homeowner never wants to hear. The threat of losing a home can cause a person to feel overwhelmed and unsure of their options. Fortunately, the Foreclose Process Jacksonville TX can be avoided by consulting with an attorney. The attorney can help his client to understand his rights and will work with the mortgage holder to ensure the process of foreclosure is suspended, allowing the homeowner to catch up their payments in arrears.
The first step in stopping the Foreclose Process Jacksonville TX is for the attorney to contact the mortgage holder. Though the homeowner may have tried countless times to have their mortgage holder work out arrangements, having an attorney involved may be more helpful. Sometimes, the attorney can work with the mortgage holder so the past due payments are placed at the end of the loan. If arrangements are fruitless, the attorney can offer his client the option of filing for chapter 13 bankruptcy.
Chapter 13 bankruptcy is the perfect option for those who have mostly secured debts. Once the bankruptcy is in place, all methods of collection must cease. The mortgage company cannot pursue the Foreclose Process Jacksonville TX and cannot contact the homeowner. Any interactions must take place through the attorney.
People who are approved for chapter 13 are typically given two to five years to catch up their past due payments and bring all their payments current. If their mortgage payments are current at the end of this period, they will no longer be subject to foreclosure.
Though bankruptcy cannot help in every foreclosure situation, it is a viable option for many who are only being threatened with the proceedings. To find out whether or not a home can be saved through bankruptcy, it can be beneficial to meet with an attorney to see about the different available options.
If you are a homeowner who is facing the Foreclose Process Jacksonville TX, contact an attorney right away to get started. The attorney will work with you to determine the best solution for avoiding foreclosure so you can keep your home. Many of these attorneys offer free consultation appointments so there is no financial risk in gaining information.