When a person purchases a home, they do so never expecting they will one day lose it due to foreclosure. Unfortunately, unexpected life events can occur and cause a homeowner to get behind on their mortgage payments. When this occurs, it is vital homeowners are proactive and contact their mortgage holder as soon as they discover they will have a problem making their payments. Ignoring the issue will only make it worse and will likely lead to foreclosure. This information will help homeowners understand what they can do to stop foreclosure in St. Louis, MO.
Thankfully, there is a legal way a homeowner can avoid the loss of their home but it is important they act quickly before drastic measures are taken by their mortgage company. As soon as the threat of foreclosure is realized, a homeowner needs to first contact their mortgage holder to see if any satisfactory repayment plans can be enacted. In some cases, mortgage companies are willing to work out payment arrangements and restructure a mortgage to make it more affordable for a homeowner.
If a homeowner has exhausted all of their options, it may be time to consult with an attorney so they can stop foreclosure in St. Louis, MO. An attorney can offer their clients chapter 13, which is a type of bankruptcy that helps individuals revise their repayment plan so that they can afford to get out of their debt. The restructuring of the payment plan must be presented to the court and the judge must approve it.
Chapter 13 typically lasts three to five years, depending on a person’s level of debt. It is imperative the individual follows their repayment plan so they will be caught up on all of their payments once their bankruptcy period is over. This ensures they will no longer be in danger of losing their home to foreclosure.
If you are facing the loss of your home, there is legal help available. For further information on your bankruptcy options, visit Stlbankruptcyfirm.com. They can provide you with the legal help you need so you can overcome your debt and prevent the loss of your home.
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