While most people don’t think about it, if you are ever sent to prison, you will be unable to pay your mortgage. And the worst part? If you don’t have a plan in place, your bank can take your home away from your family. But there are some things you can do to stop that. We’ll cover how to set up a payment program with the court system so that you don’t lose your home while paying for your crime.
You can set up a payment plan with the court system, so you don’t lose your home while in prison
If you lose your job and can’t pay your mortgage, you may have to think about bankruptcy, but it’s possible to keep your home. If you are facing jail time, you have to consider the effect this will have on your family, your finances, and your home. You may have heard that you can lose your home if you go to prison, but the truth is that the court will work with you to set up a payment plan. Every state has its own rules and regulations as to how you can set up and pay your mortgage, so ensure to check with your lawyer or a trusted website.
Keep track of all payments made to avoid foreclosure when you get out of prison
The United States currently has the largest prison population in the world. An astounding 1 in every 20 adults are serving time in prison. The problem is that once you are convicted of a crime, your personal information is listed on the public do-not-hire registry that companies use to determine whether or not to hire you. This means that you will have a tough time finding a job after your release.
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The other problem is that your home goes into foreclosure if you cannot pay your mortgage. This is because you are not there to pay your rent or mortgage payments. Once you are convicted of a crime, you are rarely allowed to vote. Many states also pass laws that bar you from receiving government assistance, denying you the ability to receive government-funded housing or food stamps if you are in need. This means that you will often be homeless after you get out of prison. If you find yourself in this difficult situation, you may be able to save your home and your mortgage by filing bankruptcy.
Create a realistic plan to pay off the rest of the mortgage after release
Prison is not the time to be thinking about your mortgage, but you can’t just toss it aside. It is important to try to stay on top of your finances, even when you are in prison. Before you serve your time, think about creating a plan for how you will handle your finances. Think of getting a better mortgagae plan by refianacing home mortage to make paying easier for you.
Make sure you set up automatic payments, so you don’t miss any payments. Also, try to set up automatic payments to come out of your bank account, so you don’t have to worry about forgetting about them. Get creative with how you pay off the rest of the mortgage. If you don’t have the money, try to talk to your bank about getting a loan modification.
Hire a good lawyer
If you are in jail, then you are in the worst possible situation you could ever be in. Not only are you separated from your family, friends, and home, but you are in a dangerous situation in which you are at the mercy of other inmates and the guards. The last thing you want to worry about is the fact that you are in jail for a long time. Unfortunately, if you get convicted of a felony, you will be spending at least some time behind bars. So what can you do? Well, if you are innocent or if you think you may have been falsely accused, you need to contact a good defense lawyer or bail bonds to get you out quicker. A good lawyer can help you get your charges reduced or get you acquitted, but if that fails, then what will you do? You should contact a good bankruptcy lawyer.
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