Articles Posted in St. Louis Foreclosure

ONLY $300 UPFRONT ATTORNEY FEES FOR A ST LOUIS CHAPTER 13

Yes, it will. So long as the bankruptcy petition is filed before the actual sale takes place. The main tool used in this type of situation is a St Louis Chapter 13.

Once you fall behind on your monthly mortgage payments, the creditor will start calling you about getting caught up. If you do not get caught up, the creditor will eventually send the matter to their attorney. The attorney will then send you a couple letters about their intent to foreclose on the note. And the last letter you will receive will be a formal notification of the foreclosure sale date (this last notice is almost always sent by way of a certified mailing).

At that point, you have a limited number of options. You can of course let the property go, and simply walk away. But if you want to keep the real estate, then you will either need to come up with a lump sum to come current, or file a Chapter 13.

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$300 UPFRONT FEES FOR A ST LOUIS CHAPTER 13 BANKRUPTCY

The most common tool used to stop a foreclosure from proceeding is by filing a St. Louis Chapter 13 bankruptcy. This chapter of the Bankruptcy Code allows you to enter into a repayment plan (over the course of three (3) to five (5) years) during which certain debts are paid back. If you file the Chapter 13 because you want to stop a foreclosure, then part of your repayment would include the amount that you have fallen behind of your mortgage (the so-called “arrearage”).

State and federal law makes clear that the Automatic Stay of the bankruptcy petition puts a stop to a bank in their efforts to foreclose on your home loan. So long as the bankruptcy is filed before the actual sale takes place (and yes, it can get right down to very last minute), then the foreclosure sale must be called off.

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