Learn How to Stop Foreclosure with a Bankruptcy Lawyer in St. CharlesComments Off on Learn How to Stop Foreclosure with a Bankruptcy Lawyer in St. Charles
If your mortgage lender has filed a default notice on your house or you have missed more than three mortgage payments, your home is subject to foreclosure. However, there are a few options available to stop this process if you want to keep your home. Seek advice and stop foreclosure with a bankruptcy lawyer in St. Charles.
- Most lenders would prefer to compromise with you about payments rather than foreclose. This is an option up until your home is booked for auction. This is known as a foreclosure workout.
- Between filing a notice of default and the scheduled auction, someone else could buy your home on a short sale. This saves the lender a great deal of time and effort since they will put the house up for sale anyway. Actively seek a buyer to prevent foreclosure.
- Filing bankruptcy stops the foreclosure process immediately. Federal law prohibits any lender or debt collector from continued collection proceedings after a bankruptcy filing. However, once your case goes to court, the trustee will become the mediator between you and the mortgage lender. Filing bankruptcy simply buys you a little time to recover.
- When facing foreclosure, you can willingly sign the deed back to the lender. This is known as a deed in lieu. This does affect your credit rating and lenders prefer not to go this route due to potential complications on their end.
- It may be possible to convince your lender to modify your loan and allow an assumption or lease option for your mortgage.
All in all, bankruptcy is a very difficult and stressful situation to be in. Working with professionals who have had many years of experience in similar cases will be a relief to you. You do not need to struggle alone. To determine the best solution to stop foreclosure with a bankruptcy lawyer in St. Charles, call Teague & Associates, LLC at (314)899-4499.