How to Save Your Home from Foreclosure in Dayton Ohio

by | Jul 14, 2014 | Law

Did you recently receive a notice of foreclosure in Dayton Ohio? The thought of losing the home that you’ve worked so hard to keep is both frustrating and heartbreaking. You don’t have to lose your home, but there is a process that you’ll need to follow to make sure that things will work out in your favor so that you can keep the home you live in.

Take a Look at Your Finances

One of the reasons you may have received the notice of foreclosure in Dayton Ohio is because you have failed to pay monthly mortgage payments. You may have gotten behind on these payments due to losing a job or the rising cost of living. If you have tons of credit card payments that you need to pay, along with your regular monthly bills and other necessary expenses, it may have become simply impossible for you to get your mortgage paid.

Consider Filing for Bankruptcy

When you’re in a tight jam like this, filing for bankruptcy can work in your favor. It can slow the foreclosure process down or put it to a complete halt. If you choose to file bankruptcy, it’s possible to save your home. It will depend on which type of bankruptcy you file. If you choose Chapter 13, you’ll get to keep your belongings and figure out a payment plan so that your creditors do get some of the money back that they were owed. The payment plan will be adjusted based on what you can afford each month so that it won’t break you.

The bankruptcy claim will show on your credit report when people look at it, such as a landlord or a creditor. Although it remains on your credit report for several years, it’s a good option for getting a fresh start and preventing the loss of your home.

Although it is frightening to get the foreclosure notice in the mail, it’s not something that is necessarily set in stone. You should not assume that you have to find somewhere else to live because you’re going to lose your home. It’s best to find out about your options and choose one that fits your situation best. You can even use Domain as a resource for finding out more information about foreclosure and the process of filing for bankruptcy.

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