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
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.
In some cases, a
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.
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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