Foreclosure Assistance for People in Missouri
The possibility that you may lose your home is understandably overwhelming. But you do have options available for stopping foreclosure. Speak with an experienced bankruptcy lawyer today before the situation gets worse.
At the law office of Rochelle D. Stanton Attorney at Law, we have nearly 30 years of experience helping people stop foreclosure. Through bankruptcy or loan modification, you may be able to put a stop to foreclosure. We will explain the different chapters of bankruptcy as well as the loan modification options. To make an appointment, please call 314-262-4390. Your consultation is free.
Bankruptcy and Loan Modification
Lien holders or lenders have the right to repossess your house if you are not making your mortgage payments. They may begin the foreclosure proceedings as soon as you miss one or two payments.
Filing for bankruptcy can help you stop or avoid foreclosure by giving you an automatic stay from all collection actions. The automatic stay delays foreclosure, which can give you time to restructure your mortgage payments. Filing for Chapter 13 bankruptcy is generally a better choice than Chapter 7 if you want to keep your home. Chapter 13 allows people to keep their homes because their debt is reorganized and they make lower payments for three to five years. However, you must have sufficient income to continue making mortgage payments.
If bankruptcy is not an option, home loan modification may be an alternative. You can request that your lender modify your mortgage if you are having trouble making payments. A loan modification lowers your payments by methods such as refinancing, reducing the interest rate, deferring or reducing some of the principal, or extending the terms of the mortgage.
If you qualify for loan modification, it can help stop foreclosure. When you find a way to make your payments affordable, you can keep up with your mortgage and keep your home. Beware of foreclosure companies that claim they can stop foreclosure with one phone call. Stopping foreclosure is a complex process that requires considerable effort. Find a reputable bankruptcy lawyer to assist you.
We can help you decide which option may be right for you. For a free consultation with a St. Louis, MO, foreclosure attorney, please call 314-262-4390 or contact us online.
