Stopping Foreclosure with a Bankruptcy Lawyer in ChesterfieldComments Off on Stopping Foreclosure with a Bankruptcy Lawyer in Chesterfield
With the continued uncertainty of the economy as well as other possible extenuating circumstances, the threat of foreclosure of ones property is an unfortunate reality for some. Foreclosure of course being the process a lender may take to sell a property for non- payment of the mortgage. It is important to note however, this is a long, drawn out process that can take several months to complete and typically doesn’t start until three or more payments have been missed. The legal process starts with a notice form the lender stating the intentions to foreclose. If all other options to correct the problem have been exhausted, it may be time to consider stopping foreclosure with a bankruptcy lawyer in Chesterfield.
Filing for either a chapter 7 or chapter 13 bankruptcy will immediately put a stop to any foreclosure proceeding. That is of course, if too much time hasn’t already lapsed and the house has already been sold at a foreclosure auction. It should also be noted that policies may differ between states.
A chapter 7 bankruptcy will delay a foreclosure for a period of time allowing the property owner to remain in the home free pending completion of the bankruptcy, foreclosure or the property owner and the lender are able to work things out.
A chapter 13 bankruptcy can however, stop a foreclosure. While the stay in proceedings is in effect, the property owner has the time to develop a plan to pay the lender any monies owed in arrears. If the property owner can do so within a number of years, in addition to the regular loan payments, foreclosure will be avoided.
For more information regarding stopping foreclosure with a bankruptcy lawyer in Chesterfield, don’t delay, give us a call today at Teague & Associates, LLC (314)899-4499. Put our experience to work for you.