Are you desperate to Stop Foreclosure St. In Louis MO? If so, you will find you have a number of options. You may sell items you currently own, in an attempt to catch the house payment up, ask friends or family to help you with a loan, or attempt to obtain a loan with another lender. If you have exhausted all options available to you, you may be able to stop foreclosure proceedings with the help of a bankruptcy attorney. Filing for Chapter 13 bankruptcy automatically halts the foreclosing proceedings, allowing you to get back on track financially.
When you submit a Chapter 13 bankruptcy filing, you are granted an automatic stay, which means actions taken by creditors up until the filing are void. This does not mean, however, that they are voidable. As soon as the bankruptcy paperwork is filed, you will need to begin making your monthly mortgage payments, while at the same time making payments to the trustee of your bankruptcy case. The payments made to the trustee will be used to pay down the arrears on your home and on other debt you have accumulated.
The typical Chapter 13 bankruptcy filing remains in place for a period of three to five years, allowing you to pay the old debt off or reduce it significantly. In certain situations, the debt payment to the trustee will start out low and increase over time, but this varies by case and also by financial situation. In certain situations, the court may have you request a plan modification, allowing you to try other options during the year long period. If they don’t work, then the plan may be modified to reject the home or you may begin to make regular payments as described above.
Many choose to Stop Foreclosure St. In Louis MO by filing for Chapter 13 bankruptcy as this gives them additional time to sell the home or catch the payments up. You may find this is the right option for you, although you will have to qualify for a bankruptcy of this type. Speak to an experienced attorney today to learn more about this and other options to stop the foreclosure process. You purchased a home you love and don’t want to lose it. The right attorney can help you with keeping it or finding other alternatives, so it never hurts to ask. Click Here for more information.
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