There is nothing that is more dreadful to a real estate property owner than learning that they are facing a foreclosure. Sadly, there are so many people that invest years trying to own a home only to end up losing everything in a foreclosure. If you recently got the NOD (Notice of Default) and are panicking because you don’t know what to do, get legal advice. Here are some steps that will help you in dealing with a Foreclosure in Topeka KS.
Understanding how the process works
If you have been issued with a Notice of Default, it means that you have defaulted on your monthly mortgage payments for a period of two to six months. The only way that you can get the NOD withdrawn and protect the house from a foreclosure is getting money to make all the payments. This of course will not work if you do not have the needed money to bring the payments up to speed. When you consult with your lawyer:
1. They will want to know how much money you still owe the mortgage lender.
2. They will try and see if there is a possibility of getting an extension so that you can try and collect the needed money.
3. In case this is not possible, they will help you come up with other ways out of the problem.
Filing for bankruptcy to avert a foreclosure
One of the commonest ways to save a house that is due for foreclosure is filing for a foreclosure. When you file for a chapter 13, an automatic stay will be put on personal assets that are exempt to prevent the creditors from auctioning them off to recover their debts. Also, there is the clause that allows for lien stripping. In this clause, in case you had started making payments for the original mortgage and had to take out a second mortgage, it could be possible to be stripped of the second mortgage. However, this will only happen if the current market value of the home is lower than the amount you still owe.
These are a few of the tricks that a lawyer can teach you to avoid a Foreclosure in Topeka KS. Business Name of Topeka KS is the person to talk to when you need legal help with a foreclosure case. Go to Website Domain for details.
