A Missouri or Illinois foreclosure is never an easy thing to endure. Unfortunately, a decision has to be made about the fate of your home and it has to be made soon. But before you make a decision, you may want to look at all the facts.
If you want to get protection from foreclosure, you can file a Chapter 13 bankruptcy with a St. Louis or Wentzville, Missouri bankruptcy attorney. Besides halting your foreclosure, chapter 13 is capable of stopping wage garnishments, giving credit card debt help, and preventing your creditors from continuing to harass you.
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Plus, filing a Chapter 13 isn't the big risk that requesting a loan modification is. Even one of the larget lenders has left 96% of their loan modification requests unapproved and, consequently, left the homeowners stranded. Chapter 13 is backed by the federal government and gives you protection from being sued, creditors going after your other property, and any other judgments against you.
If you want to give up your home, there are a few different ways you can handle the aftermath. It's critical for you to know that choosing to keep your home or not is indeed a choice. Saying that you want to "walk away" from your home is not exactly accurate. There could be negative effects from walking away from your home.
If your home is sold at auction for less than the amount of your debt, you will have to pay the balance. For example, if you $100,000 on your home but it only sells at auction for $75,000, there will be a $25,000 deficiency balance. You can, however, get rid of this balance.
Missouri or Illinois Chapter 7 can get rid of your deficiency balance and help you get a handle on the rest of your debt. If you file a Chapter 7, you can surrender your home without the worry of never truly escaping your mortgage debt.
Naturally, you should make the decision that is right for you and your family. Make sure that you know what could happen as a result of any decision that you make.
You can get the best facts by looking for free information from reputable attorneys in your area. A lot of attorneys will give you a free consultations but the great ones in your area will give you free information before you even step foot in the door.
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