The easiest way in order to stop a foreclosure of your home is by filing a St. Louis Chapter 13 bankruptcy. This type of bankruptcy will stop the foreclosure from going through, and allows you to repay the arrearage over a period of time.
When you fall behind on your mortgage payments, eventually the bank or mortgage lender will turn your loan over to a law firm who will initiate the foreclosure process. This process will start with a series of letters letting you know that the loan is in default (and that you should not make anymore payments to the lender). The last piece of communication you will receive will be a foreclosure sale notice.
The notice of foreclosure will most likely come via certified mail (so you will have to go to the Post Office to pick it up). The letter/notice will let you know what your rights are, but will most importantly let you know when the foreclosure sale date is. This sale date will be about twenty (20) to thirty (30) days from the date of the letter.
If your desire is to keep the house safe, then the best way of accomplishing that goal is to file a St. Louis bankruptcy. So long as you file the bankruptcy petition before the sale date, you can get into a repayment plan to bring the mortgage arrearage (i.e. the amount you have fallen behind on) current. In addition to any arrearage that exists at the time of filing, you will also be able to pay off any car loans (usually at a much lower interest rate), tax debt, and any back child support or maintenance that you owe.
All of these debts are consolidated into one monthly payment that you make to the Trustee (who then distributes these funds to the creditors listed on your Missouri Chapter 13 plan). So long as you make these regular payments to the Trustee (along with your regular monthly mortgage payments), then you will be caught up and/or paid in full on your debts. A Chapter 13 plan lasts between three (3) to five (5) years in length.
The affordable St. Louis bankruptcy lawyers at Brinkman & Alter, LLC have been assisting people with their debts for over ten (10) years. Our goal is to make sure that you get back on your financial feet, get a fresh start in life, and keep all of your assets (while discharging the debt that you do not want). And we will do all of this with no attorney fees down (the fees for a St. Louis Chapter 13 are paid through your repayment plan).
We have two locations: in the Central West End, at 1 North Taylor, St. Louis 63108; and in the Twin Cities of Festus / Crystal City, at 1000 Truman Blvd (Highway 61/67), Jefferson County 63019. The initial consultation is free of charge. So contact us today to learn more!!