Unexpected divorce, death or overspending are the most common reason for not being able to pay the mortgage payments. A lot of people do not know what to do in such kind of situation. In Rhode Island specialist say that a huge percentage of people do not come in time to the lender, the mortgage company to resolve or speak about the problem. People who are good in finance say that a lot of people cannot value their financial situation. They take a huge amount of money as a loan and they cannot pay back.
Their scope is o fulfill their dream and cannot think about the real situation. If they are in a big trouble they just run and panic and shout to everybody. They have to use their clear mind and figure it out something which is good for them and their family too. There are several opportunities and organizations who can give good advices and information about the whole procedure and everything is for free. Lawyers and specialist advice to everybody, that communication is very important and timing too. Nobody can help you in the last minute when the mortgage company is behind you and one step and your property is taken away.
There are several methods which are used quite frequently for solving the situation. You can use the Chapter 7 bankruptcy when you house is no longer affordable. With this you can buy yourself some time till you can figure it out how to pay back the last loan. It is also used when the owner wants to sell the house to pay back the loan. With this he can gain time and it is the possibility to sell the property on a better price then the mortgage company would have done.
Chapter 13 bankruptcy also can give you a period of time. It is also frequently used by a lot of people because they can gain time till they get some order in their financial situation and get thru the unexpected situation. The advantage if it that your loan will not be longer than in the original agreement was. You can pay month by month and you have the possibility to add a small amount extra to the regular payment.
As you can see the problem can be solved. The most important thing is that you have to contact the right person in time and choose the best solution for you.