We all face hard times at some point in life such as, getting laid off from work, health related problems and numerous other changes in your life can make it virtually impossible to keep up with your monthly expenses especially house payments. Paying your mortgage late or becoming months behind can have severe consequences. If you have become a month or two behind in your home loan payments, the company that holds your mortgage could attempt to set your home up for foreclose.
What exactly is a house foreclosure?
When someone buys a home they borrow the money needed to pay for the balance due from a home loan lender. When this is done the buyer of the home uses the home as collateral with the lender to guarantee that your payments will be made and it will cover the lender if a person stops paying their mortgage payments. When the home owner misses payments on the home loan, the lender has the legal right to use your home to pay for your mortgage debt on the home. Basically in a foreclosure they will attempt to take the house back and sell it to someone else to recoup the money they loaned out for your hoe loan purchase.
What are some of the main consequences of a home foreclosure?
When your home goes into foreclosure, you must eventually move out of the house and find a new residence. If your house gets foreclosed it can have a signifigant negative affect your credit rating.
As the home owner what steps can I take to stop my home from getting foreclosed and to get myself back on track?
Due to the down economy in the United States, home foreclosures are at all time highs. Hundreds of thousands of Missouri home owners are at risk of getting their home foreclosed. If you have fallen behind on mortgage payments or are having trouble making your home loan payments, there are some steps you can take as a home owner to help stop the risk of home foreclosure.
The first step should be to Talk to an experienced foreclosure lawyer.
If you are behind on your mortgage payments and may be facing foreclosure, our bankruptcy lawyers can help. We can help determine if bankruptcy is right for you and your family and help you through the bankruptcy process. If a foreclosure on your home is about to take place, filing a Chapter 13 bankruptcy may be the right choice to help you save your home. When you file for bankruptcy it creates an automatic stay on all property foreclosures and debt collection court proceedings. Call us asap so we can work to save your home and we can go over your best options.
When a person or a loved one has been injured, either physically or psychologically, as the result of negligence or wrongdoing by another person or entity.
Disputes or issues involving contracts, commercial transactions, sales, commercial property, and initial business start-up.