Stop Foreclosure with a Bankruptcy Attorney in ChesterfieldComments Off on Stop Foreclosure with a Bankruptcy Attorney in Chesterfield
Just going through everyday life can bring about sudden change and adversity. If you find that having enough money becomes an issue and you are in arrears on your mortgage, it does not take long for things to escalate. You may be in danger of forfeiting your home. If you have missed three or more mortgage payments or a default has been filed against your property by your lender, your house can begin to be foreclosed on. There are ways to prevent this from happening. Learn how to stop foreclosure with a bankruptcy attorney in Chesterfield.
- You may be able to reach an arrangement with your lender before your home is put up for auction. This is known as a foreclosure workout.
- A buyer can purchase your home before the auction takes place. Finding a buyer yourself can avert foreclosure and saves the lender money and time.
- Foreclosure proceedings stop immediately if you file bankruptcy. Federal law prevents collection proceedings after bankruptcy is initiated.
- Sign your deed back over to the mortgage lender. This is referred to as a “deed in lieu,” and lenders do not usually prefer this option. There are sometimes complications that they do not want to handle. Note that a deed in lieu does affect your credit rating in a negative way.
- Your lender may permit someone to assume your loan or lease your property. Your loan will likely have to be altered in these scenarios.
Bankruptcy and foreclosure can be stressful and complicated. Legal specialists with the skill and experience in these types of situations and similar cases can provide welcome guidance. Contact Teague & Associates, LLC, at (314) 899-4499 to stop foreclosure with a bankruptcy attorney in Chesterfield.