The main way in which someone stops a home foreclosure is by filing a St. Louis Chapter 13 bankruptcy. Filing such a petition before the foreclosure date will stop the sale, and give you an opportunity to repay the arrearage (what you have fallen behind on) over a period of time.
When you stop making your regular monthly mortgage payments (for whatever reason), the bank or mortgage lender will eventually initiate foreclosure proceedings. This is the main remedy they have for non-payment on the loan. Because the debt is considered to secured, they may foreclose on loan, and take back the underlying asset (the real property itself).
But before a lender may foreclose on your home, it must first provide you with adequate notice. This notice is usually mailed to you (almost always by way of a certified mailing). The notice will state when the foreclosure sale date is set for, who to contact if you have any questions, and usually some disclosures about what you legal rights are.
The foreclosure sale date will be approximately twenty (20) to thirty (30) days from the notice. If you file a St. Louis bankruptcy before this date (or even technically the hour before the sale occurs on the same day), then you can stop the sale. The primary vehicle (as mentioned earlier) is the Missouri Chapter 13. A Chapter 13 is described as a repayment plan over the course of three to five years during which certain debts are paid back. Chief among these debts is mortgage arrearage. So instead of paying everything off in one lump sum (something that most people cannot do), you can spread the debt out. This allows you to keep your home safe, while catching up on what you have fallen behind on.
The affordable St. Louis bankruptcy lawyers at Brinkman & Alter, LLC have been helping people keep their assets safe for over ten (10) years. Our goal is to make sure you fully understand you options, that all of your questions are answered to your satisfaction, and that you are put in the best position possible to achieve your financial goals. This is done by getting you the fresh start / clean slate that you deserve, so that you can move forward with life.
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 63019. The consultation to discuss your legal affairs is free of charge. So contact us today to learn more!!