Bankruptcy Can Stop Foreclosure Process
For most people, their home is their most valuable asset and your mortgage is likely the most expensive of your monthly bills. If you have received a foreclosure notice on your home or your mortgage lender is threatening foreclosure, filing a bankruptcy petition can be the solution to your problem and stop the foreclosure process.
At the Licata Bankruptcy Firm, we understand that homes are very personal investments, but sometimes life happens, and the mortgage payment just can’t be met. If you find yourself in this situation a bankruptcy may help. Filing a bankruptcy in Missouri will impose an automatic stay that will immediately stop the foreclosure of your home.
If you'd like to keep your home, but need a longer period of time to catch up on missed payments, a Chapter 13 bankruptcy will give you up to five years to catch up on the mortgage delinquency. Meeting with one of our experienced bankruptcy attorneys to discuss your options will provide you the information you need to make the best decision regarding your home and how to stop the foreclosure process.
Filing a Chapter 7 bankruptcy will stop a foreclosure, however, it will be temporary. Some people would prefer to surrender their current home and simply need additional time to plan for a new home. For others, a temporary stay on foreclosure proceedings are enough to catch up on their mortgage and resume on-time payments.
Is your foreclosure sale scheduled soon? Some bankruptcy firms take weeks or even months to prepare a case for filing. When time is an issue an emergency bankruptcy filing may be the solution. Our firm offers a same day filing process to assist clients with limited time.
The filing of the bankruptcy case is when the legal protection takes effect. This law, called the automatic stay, gives you immediate protection from the foreclosure. Our law firm works diligently to complete most bankruptcy cases in a very efficient manner, usually preparing the case is a one-day process. Meeting with one of our attorneys for a consultation is free and is the first step in using bankruptcy to stop your foreclosure.
How quickly a lender can foreclose on your home depends on state law. It is imperative you determine if there is a scheduled foreclosure sale date on your home. To stop the foreclosure process your bankruptcy petition must be filed prior to the foreclosure sale to save your home. Once the sale happens, filing bankruptcy won't get the house back for the homeowner.
We offer free consultations to discuss your bankruptcy options and how bankruptcy will stop your foreclosure. Calling our bankruptcy firm as soon as you are made aware of your pending foreclosure is an important step in saving your home.
Although bankruptcy can delay or stop the foreclosure process if the home hasn’t been sold, a bankruptcy cannot help you get the property back after foreclosure. However, after a foreclosure sale is finalized, there is typically a remaining balance owed on the loan. This is typically called a deficiency balance. A Chapter 7 or Chapter 13 bankruptcy can help you resolve any outstanding balances from a foreclosure sale.
If you are contacting our firm to discuss how to stop a pending foreclosure, please make sure we are aware of this when you schedule your consultation. Having information such as how far you're behind on your mortgage and the exact sale date of your property will help our bankruptcy attorneys devise a plan of action that is clear and effective.