byAlma Abell

A home is a huge investment. For most people, it is the largest investment made in their lives. They may save for years for a down payment and carefully choose a home based on what they know they can afford. Still, job loss, divorce, or a serious health problem can cause a family to get behind on their mortgage payments and put them in danger of losing their home. Ideally, a family that knows they will be late or miss a payment will contact the lender in advance. However, since these types of problems don’t often come with a warning, that may not be possible. There is another way to prevent foreclosure, even if the lender has already filed documents with the court.

Chapter 13 bankruptcy is the best way to stop collection actions and give a family the opportunity to keep their home. Although it might not be possible to save the house, filing for bankruptcy protection will give the homeowner time to evaluate all of their options. In many cases, loan modification lawyers in Hagerstown are able to help clients work out a suitable arrangement with their lender that will allow them to pay the missed payments over time and restore the good status on their mortgage.

With the help of loan modification lawyers in Hagerstown, people who have missed more than two payments and who have received notification that the mortgage company intends to repossess the home bankruptcy can also help restructure other debts to reduce the overall amount a family pays out every month so they can afford the mortgage payment. A family does not need to lose their home just because they had a financial setback.

To learn more about how loan modification lawyers in Hagerstown can help, homeowners in trouble can visit Law-bankruptcy is a complex process. Both will have serious long-term effects on the homeowner’s credit, but only bankruptcy can help them save their home. Working with an experienced attorney could ease a homeowner’s fears and help the process move through the court system smoothly.