The simple and easy answer is that you file a St. Louis Chapter 13 bankruptcy. This is the safest legal mechanism that you have at your disposal. So long as your case is filed before the foreclosure sale goes through, then you can save your home.
The economy that we live in has produced a lot of financial hardship for people. No matter what your status was prior to the economy meltdown in 2008, it is likely that you have experienced a fair amount of difficulty in trying to stay afloat. Job loss, cut hours, entire companies closing down. The list of casualties is long (and still growing).
One of the biggest knocks that people have had to deal with is the collapse of the mortgage industry. This particular sector of the economy has taken a tremendous hit. As a result, the value in people’s homes has shrunk to unbelievably low levels. This has prevented people from doing things like refinancing their loans, negotiating a new monthly payment, or even modifying the existing structure of the mortgage itself.
This problem is only compounded by the extent of home foreclosures that people have experienced the last several years. When you fall behind on your loan far enough, the mortgage lender will eventually initiate foreclosure proceedings. The way you know that your house is subject to foreclosure for sure in by receiving notification of this future event. By law, the mortgage company (usually by way of the law firm that they have hired) will have to provide you with adequate notice of the fact that they wish to foreclose on the loan. Adequate notice is normally thought of as 20 to 30 days ahead of the sale. Most likely, you will receive the notice via certified mail.
At this point, you will have three options: 1) you can simply allow the house to foreclosed upon; 2) you can try to come up with the total arrearage owed, and hope that the bank accepts this amount as a cure; or 3) you can file a St. Louis bankruptcy. As mentioned, if you go the route of a bankruptcy, it is a Missouri Chapter 13 that will be your best bet.
A Chapter 13 is described as a repayment plan over the course of three to five years, during which you pay back certain creditors. These creditors would include tax debt (income, personal property, sales, and real estate), back child support, car loans, and any amount that you have fallen behind on your home mortgage.
Either way, it is always best to learn your options before you act. And in the case of a pending foreclosure, it is best to figure out those options well in advance of the sale date. The affordable St. Louis bankruptcy lawyers at Brinkman & Alter, LLC have been helping people keep their homes safe for over then (10) years.
We have two locations: in the Central West End, at 1 North Taylor, St. Louis, MO 63108; and in the Twin Cities of Festus / Crystal City, at 1000 Truman Blvd (Highway 61/67), Jefferson County, MO 63019. The initial consultation is free of charge. So contact us today to learn more!!