Avoid Losing Your Home with the Help of a Foreclosure Lawyer in St. Louis, MO
A home is a major investment. Most people finance several years’ worth of salary on their primary residence. In addition to the amount paid by the bank, they may also invest a down payment of several thousand dollars of their own money. All of that can be lost if the lender forecloses on the property due to nonpayment on the mortgage. Homeowners who don’t want to lose their home or their investment have options. Those who get started at the first signs of trouble have the best chance of keeping their house.
Loan modification programs are often available for property owners who have fallen behind but have a stable source of income. These programs are offered through the lender and homeowners must qualify for them. It’s important to apply early on to avoid foreclosure proceedings. When the lender files for foreclosure, some of the most attractive modification and refinance options will be off the table. Talking to a foreclosure lawyer in St. Louis, MO, right away may help a struggling homeowner decide which option is best for them.
Those who don’t qualify for lender programs or who apply too late to be considered for them might still be able to keep their home with the help of Chapter 13 bankruptcy. This type of bankruptcy allows homeowners to reorganize their debts so they can afford to pay for their home as well as other bills. This bankruptcy alternative is a legal option a foreclosure lawyer in St. Louis, MO, may be able to walk a client through to ensure their debts are settled through the courts.
Losing a home can be devastating for a family. Foreclosure can have a detrimental effect on the homeowner’s credit report and even make it difficult to secure rental housing. Fortunately, it isn’t necessary for a family with a stable source of income to forfeit their home and their financial investment. The best place to start, whether the lender has already filed for foreclosure or the family has only missed one payment, is Stlbankruptcyfirm.com. Consulting with an experienced foreclosure attorney right away could help a homeowner understand their rights and the options available to them, to avoid losing their home.
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