Ontario Foreclosure Protection Lawyer
Financial issues such as job loss or disability can make it hard to pay bills. When you have fallen behind on mortgage payment, there’s a lot at stake. You could lose your most important possession: your home.
You may face foreclosure, which is when the mortgage company takes back your home due to non-payment. It can be scary to not have a home. It can also be scary to understand that a foreclosure stays on your credit report for seven years. Buying another home during that time will be next to impossible.
The good news is that there are ways to protect your home from foreclosure. Want to keep your home? Contact the Ontario foreclosure protection lawyers from Wadhwani & Shanfeld to understand what you need to do.
Your Next Steps
If you are having trouble making mortgage payments, the worst thing you can do is do nothing. You have to take some sort of action if you want to keep your home. Your first step should be to call your mortgage company and explain your situation. They can determine if there is anything you can do to keep your home.
Forbearance is often an option. This is when your lender allows you to pause or reduce your mortgage payments for a temporary period. There are often no additional fees or penalties involved.
Loan modification is another option. A loan modification changes the original terms of your mortgage loan. It may reduce the interest or monthly payments.
If you don’t necessarily want to keep your home, then selling it is always an option. However, to get it sold quickly, you may need to sell it for below market value.
How Bankruptcy Can Help You Keep Your Home
When all else fails, contact a lawyer. A lawyer can help you understand what other legal options you may have to keep your home. One option is Chapter 13 bankruptcy.
Also known as reorganization bankruptcy, Chapter 13 can help you catch up on your mortgage payments. After filing for Chapter 13 bankruptcy, an “automatic stay” will take effect immediately. An automatic stay prohibits lenders from foreclosing on your home. You can then catch up on mortgage payments through a bankruptcy plan that lasts 3-5 years. You can reorganize your mortgage debt and repay delinquent payments over an extended period of time. You may even be able to eliminate your second mortgage.
Another thing to consider is that filing Chapter 13 could allow you to discharge unsecured debts such as credit cards and personal loans. This can give you increased financial flexibility and more money toward your mortgage debt.
Contact Wadhwani & Shanfeld Today
If you want to keep your home but are having trouble staying on top of payments, you need legal help.
The team at Wadhwani & Shanfeld can help you understand your options if your goal is to stay in your home. Schedule a consultation to get started. Call our knowledgeable Ontario foreclosure protection lawyers today at (800) 996-9932.
