A Foreclosure Lawyer in Lawrence, KS Could Help a Family Keep their Home

Owning real estate has always been the American dream. Unfortunately, buying a home is not the right financial move for everyone. Some people attempt to purchase a home before they have enough saved for a down payment. They build equity too slowly to pay off the loan in a reasonable amount of time. If they take on an adjustable rate loan, the interest may be too high for them to afford the mortgage after a few years. When the rate increases, they risk losing the home to foreclosure.

Foreclosure Affects Families

People invest a lot of energy into their homes. They spend months searching for the perfect home and weeks getting approved for a mortgage. Once they’ve closed on the loan, families take time to settle into their homes. They decorate and make friends in the neighborhood. Losing that home can be devastating to the adults as well as the children who don’t understand why it is happening. Homeowners should get in touch with a Foreclosure lawyer in Lawrence, KS as soon as they have missed a payment. Mortgage companies tend to start foreclosure action after two consecutive missed payments so it’s important to act quickly.

Avoiding Foreclosure

In some cases, a Foreclosure lawyer in Lawrence, KS may be able to stop the foreclosure and allow a family to keep their home. To qualify for this, the family must be able to afford the mortgage. If they don’t earn enough money to pay the bills, it might make more sense to move out of the house and into something more affordable. Mortgage companies have programs that may help families rehabilitate their mortgages if they meet the qualifications. It’s essential for anyone who faces this situation to take a serious look at their budget to determine if keeping the home is right for their future.

Families shouldn’t attempt to keep a home they can’t afford for emotional reasons. This will only cause more financial problems in the future. An attorney like Joe Wittman may help a client decide whether foreclosure, bankruptcy or loan rehabilitation is in a client’s best interests. Time is of the essence so it’s critical to contact an attorney early in order to explore all of the options available.

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