Learn How to Stop Foreclosure with a Bankruptcy Lawyer in St. LouisComments Off on Learn How to Stop Foreclosure with a Bankruptcy Lawyer in St. Louis
With the continued instability of the economy and numerous additional factors that include job loss or unanticipated medical expenses, foreclosure is a real possibility for many individuals. The foreclosure process involves the lender selling your property for non-payment of the mortgage and you having to move out. This procedure takes a few months for completion and does not often initiate until 3 or more mortgage payments have been skipped. Legal procedure begins with a notice coming from the lender that states the foreclosure process will commence on a certain date. If you are unable to make any other arrangements to continue payment, it is wise to try to stop foreclosure with a bankruptcy lawyer in St. Louis.
Foreclosure proceedings will immediately stop if you file for Chapter 7 or Chapter 13 bankruptcy, unless too much time has passed, and the home has previously been sold in a foreclosure auction. Policies may be different in each state.
A Chapter 7 bankruptcy filing will postpone foreclosure so the homeowner can stay in the house until the bankruptcy process is complete, the property is foreclosed or the lender and property owner can reach an agreement regarding payment.
Stopping a foreclosure involves filing Chapter 13 bankruptcy. The stay in proceedings allows the owner to create a plan to pay the amount outstanding to the lender. Foreclosure can be circumvented if the money in arrears, in addition to monthly loan payments, is paid within a selected time period.
To discuss options to stop foreclosure with a bankruptcy lawyer in St. Louis, schedule a private consultation with an attorney at Teague & Associates, LLC, by calling or texting (314) 899-4499. Rely on our expertise to help you during this difficult time.