Stop Foreclosure Missouri 2017-09-06T22:50:33+00:00

STOP FORECLOSURE

A Bankruptcy forces your bank (or the county) to cancel any pending foreclosure sale.  Not only does bankruptcy often allow you to keep your home in a bankruptcy, but it also can save your home. Procedurally speaking, once a case is filed a Debtor (link to definitions) is  immediately under the protection of an umbrella or a  protective bubble called the “Automatic  Stay.” This protection requires all creditors immediately end all attempts to collect a debt which also includes any upcoming foreclosure sales.  The protective bubble not only serves a legal purpose but has the added benefit of giving you time to breathe a sigh of relief.

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Of all the reasons for which anyone may want to file a bankruptcy, stopping a foreclosure is a common reason especially since the housing crash of 2008; which changed the lives of millions and continues to affect many to this day.

Almost as prevalent as the myth that you lose all your property once you file for bankruptcy is the myth that you can keep your house and stop paying for it once you file. This is completely incorrect. In order to completely explain this, secured debts must first be explained. Home loans are secured (or “attached”) to the house and this is completely true bankruptcy or not.  Therefore, if you want to keep your home long-term, you must continue to pay the mortgage and thus bring the mortgage current as soon as possible.  In Chapter 7, which is discussed in the article titled “Can I keep My House,” there is no system of repayment in place to help you do this.  Chapter 13, on the other hand, requires a “plan” that helps you get caught up on your mortgage over three to five years.

If you are facing a foreclosure Contact RS Law today for your free consultation. Get ahead of this foreclosure as soon as possible because time is of the essence!