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What to do when foreclosure threatens your home sweet home

Ohio's economy, like most other states in the nation, has had its ups and downs. If you've been raising your family here for some time, you've probably faced quite a few challenges through the years, as the cost of living, housing market and employment rate (among other things) affects your daily life and long-term goals. Your family may have survived several crises, as well, such as medical emergencies or unforeseen circumstances that took a great toll on your finances.

Feeling like things are getting out of hand and not knowing how you are going to continue to make ends meet can be very overwhelming and stressful. It's important to remember that even a serious financial crisis does not necessarily mean you won't be able to get things back on track. Often, it's a matter of knowing your options, finding the most viable one for your circumstances and knowing where to seek support to help put your game plan into action.

If foreclosure is looming in your near future

It's one thing to have a little money trouble from time to time. After all, everyone can use a little more cash flow, right? It's quite another, however, to face the very real possibility of losing your home to foreclosure. This definitely constitutes a serious financial crisis. The following list provides options that may help you keep your home and set the tone for restored financial stability:

  • Talk to your lender: Sometimes, picking up the phone or scheduling an in-person meeting (if possible) works wonders for people in your situation. Foreclosure means your lender is going to have a lot of work to do; therefore, if you discuss the matter, it may be possible (and beneficial to you both) to work out an alternate payment plan so you get to keep your house and your lender gets paid.
  • Debt relief options: Don't forget to look into bankruptcy options that might be available to you. How will that help you keep your house? Filing for bankruptcy immediately brings the foreclosure process to a halt.
  • Find a buyer for your house: A short sale also ends foreclosure mid-process. Your lender, in fact, must consider the offer if you find a buyer, and accepting a short sale would likely benefit your lender, who is merely going to have to re-sell your home after foreclosing, anyway.

There may be additional options that would help you rectify your current financial problems and keep you from losing your home. It often helps to discuss such matters with someone who has experience in overcoming serious financial obstacles.

An Ohio bankruptcy attorney would be a great asset to have, with knowledge of foreclosure laws and resources on-hand to help you devise a plan that may be able to avert a foreclosure threat and rebuild a solid foundation for a successful financial future.

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