Protecting Your Home Through Bankruptcy
Since the problems in the real estate market began in 2007, the attorneys of Affordable Bankruptcy have advised many individuals and families about the best ways to protect themselves from mortgage foreclosure through Chapter 7 or Chapter 13 relief. If you're threatened with foreclosure or if an interest adjustment on a sub-prime mortgage has led to other debt management problems, contact one of our lawyers in St. Louis for a free consultation about your options.
Call 866-793-6347 for bankruptcy options in mortgage foreclosure cases
In Missouri, a bankruptcy filing will stop a foreclosure right up to the time of sale in a nonjudicial proceeding. At Affordable Bankruptcy, we not only stop mortgage enforcement through Chapter 7 and Chapter 13, our lawyers provide an even more valuable service. We advise our clients about the full range of their options for resolving mortgage problems in and out of bankruptcy, including renegotiation, modification, short sale, reverse mortgage, and just surrendering the home to your lender.
St. Louis bankruptcy attorneys Angel Foley and Doug Walker will take the time to understand your situation in detail and advise you about your alternatives. The main factors will be the amount of equity you have in your home, the strength of your desire to stay there, and your practical ability to cure mortgage defaults under a Chapter 13 plan.
Assuming that you can resume regular payment of your mortgage soon after filing for bankruptcy, you can spread out the payment of the arrearages over the full term of your Chapter 13 repayment plan, as long as four years.
Because most homeowners have lost a great deal of equity in recent years as a result of the deflated real estate market, your options in bankruptcy might actually be greater than they were before. People who otherwise would have had to file under Chapter 13 to protect their equity can now file for Chapter 7 relief if they can meet the income qualifications. Rather than curing arrearages in a Chapter 13 plan, you can reaffirm your mortgage obligations and work out a repayment plan for the past-due amounts.
Although the mortgage holder will have the right to seek bankruptcy court permission to foreclose on your home, it might have more incentive to work with you. Few lenders want to hold real estate in a depressed market, and our experience with mortgage negotiations can give you an advantage in resolving a difficult situation on favorable terms.
To learn more about our ability to stop mortgage foreclosure and salvage difficult debt situations for our clients, contact an attorney at Affordable Bankruptcy in St. Louis.