There is nothing quite as frightening as the prospect of losing your home. When you are served with foreclosure papers, a thousand thoughts race through your mind. Unfortunately, once a mortgage lender decides to foreclose in Ohio, there aren't many remedies. That's because, unlike many states, Ohio doesn't allow Homeowners a legal right to to reinstate their mortgage by bringing it current.
That's right! In Ohio, if you default on your mortgage, the lender can foreclose your home even if you have the money to catch up the delinquent payments. At that point, you are entirely at the mercy of the Bank. If you want to reinstate your mortgage, the Bank has to agree to the reinstatement. Moreover, if they do agree to reinstate your mortgage, as part of that agreement the Bank can charge you collection costs, attorney fees and other reinstatement fees. Furthermore, the Bank can make you pay the reinstatement fees, along with the delinquent mortgage payments, in a lump sum. That means, even if the Bank agrees to reinstate your mortgage, which isn't guaranteed, the cost of doing so can make reinstatement virtually impossible.
Fortunately, Chapter 13 Bankruptcy offers homeowners the right to keep their home. Even more, it allows you to keep your home without paying attorney fees and arbitrary reinstatement fees. Furthermore, you don't have to bring the mortgage current with a lump-sum payment. Instead, you can cure the mortgage arrearage over a period of 5 years without further interest or penalties on the delinquent portion of the mortgage.
The best part of saving your home through Chapter 13 Bankruptcy, however, is the Bank must accept the reinstatement of your mortgage provided your Chapter 13 Bankruptcy Plan meets the requirements of the Bankruptcy Code and you can afford your Plan payments. That means you don't have to fight and argue with the Bank to save your Home. Instead, you just have to demonstrate to the Bankruptcy Court your ability to articulate and fund a bankruptcy compliant Chapter 13 Plan and you get to keep your Home.
Cincinnati Bankruptcy Attorney Greg Wetherall has helped thousands of Bankruptcy Clients utilize Chapter 13 Bankruptcy to save their Homes, Cars, Businesses and other property. Instead of worrying, start living by solving your Debt Problems in a Chapter 13 Bankruptcy case. At the Law Office of Greg Wetherall, Bankruptcy Makes Life Better.
I look forward to Helping You.
Cincinnati Bankruptcy Lawyer