Learn How to Stop Foreclosure with a Bankruptcy Attorney in Maryland HeightsComments Off on Learn How to Stop Foreclosure with a Bankruptcy Attorney in Maryland Heights
Life can bring unexpected changes and hardships. If money becomes a problem and you are behind on mortgage payments, things can quickly take a turn for the worse and you may be at risk of losing your home. If you have not paid three or more mortgage payments, or your mortgage lender has filed a default notice on your property, your home can be foreclosed. It is sometimes possible, however, to prevent this from occurring. Stop foreclosure with a bankruptcy attorney in Maryland Heights.
- A compromise with your lender prior to your home being booked for auction may be an option rather than foreclosure. This is called a foreclosure workout.
- Someone can buy your home between the notice of default and the upcoming auction. Try to find a buyer yourself to prevent foreclosure. Since the lender will sell your home anyway, this saves them time and money.
- A bankruptcy filing halts the foreclosure proceedings instantly, as federal law bans collection proceedings after filing bankruptcy.
- You can sign your deed back to the mortgage lender, also called a “deed in lieu.” Lenders typically prefer not to face this option since they sometimes have complications on their side. A deed in lieu does negatively affect your credit rating.
- Your lender may be willing to alter your loan to permit a lease option or assumption.
Both foreclosure and bankruptcy are stressful situations. Legal professionals with the knowledge and expertise in these and similar cases can offer welcome relief. Call Teague & Associates, LLC at (314)899-4499 to stop foreclosure with a bankruptcy attorney in Maryland Heights.