Similarly to rent, a mortgage payment is due on the 1st of each month. However there are situations where a homeowner may fall behind. When this takes place, it is essential to get in touch with the mortgage company as quickly as possible. There is usually a small window of time where something can be done to prevent the home from going into foreclosure. A foreclosure attorney Arnold, MO professional can provide much needed assistance to help homeowners save their home from foreclosure.
Contact an attorney
The first step in helping to protect your home from foreclosure is contacting an attorney. A foreclosure attorney Arnold, MO professional understands how to help you file for bankruptcy which will immediately put a halt to the foreclosure process. If bankruptcy is filed soon enough, you can prevent the foreclosure from going forward and you can save your home. It is important to find a reputable attorney that you can count on to help you through this very important process.
Delaying Foreclosure – The Automatic Stay
When Chapter 7 bankruptcy or Chapter 13 bankruptcy is filed, an automatic stay is placed into effect. This prevents the foreclosure process from proceeding as it normally would. This is a tactic that a foreclosure attorney Arnold, MO uses to help homeowners. In addition, they will be able to help eligible debtors develop a repayment plan under a Chapter 13 bankruptcy that allows up to 5 years to pay off the back owed debt.
In the event that there is a second or third mortgage on the home, a Chapter 13 bankruptcy can strip this off and they can be recategorized as unsecured debt. This serves as a great relief for homeowners who have refinanced beyond their capacity to repay and no longer have any equity in their home.
The Bankruptcy Law Firm of Sean C. Paul offers experienced assistance from a foreclosure attorney in Arnold, MO. Visit us online to learn more information at Stlbankruptcyfirm.com.
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