Even though the housing market had seemingly recovered from its downturn a few years ago, there are still many homes that are waiting to be foreclosed upon. With a backlog of so many homes that the lending institutions have, it has taken them years to get around to them all. However, many people are living in their homes waiting for the other shoe to drop. Fortunately, there are situations where a person can fight foreclosure in Fairfield, OH.
Each situation is different, and it’s important to speak with a bankruptcy attorney to help determine what options are available. For example, there are state as well as federal guidelines that lending institutions have to follow during the foreclosure proceedings. If the bank were to ignore some of these rules and regulations, there could be potential legal grounds to fight the foreclosure and to have the foreclosure vacated. This might mean that the bank would have to start the process over again, or the courts may determine that the bank will have to work out payment agreements with the homeowner rather than remedying the situation through another foreclosure.Nevertheless, this isn’t always the case and many times lending institutions do follow the letter of the law exactly when it comes to foreclosure notifications and requirements. In these situations, homeowners may have another option. That option is to file for bankruptcy.
Much like bankruptcy stops collection efforts from credit card companies, it also stops the foreclosure process. While it’s unlikely that this debt will be wiped out, the bankruptcy process could give the homeowner the time needed to either catch up on their mortgage payments or it could put them in the position to negotiate with the bank that holds their mortgage to restructure their payments in a way that keeps their home free from foreclosure.
There are many other details involved in fighting foreclosure in Fairfield, OH. In order to understand all the nuances of how a person can potentially stop the foreclosure of their home through legal means, it’s important to speak with an attorney. That’s why contacting Dean Snyder attorney at law makes the most amount of sense. You can speak with them and they can answer all your questions and help devise a feasible plan by which you, along with the help of your attorney, will be able to fight the foreclosure of your home.
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