Call Us Now
Stopping Foreclosure in Saint Louis, Missouri
Stopping foreclosure can be a pain for most. If you’re not sure what to do when it comes to foreclosure, don’t worry – I got your back, this short article will cover the first things you need to know about stopping foreclosure.
In this article, we will look at how to stop foreclosure in St. Louis, MO. Most people aren’t aware that there are several ways to go about stopping foreclosure and selling your house before it goes to auction. Foreclosure prevention doesn’t have to be a difficult process.
First thing’s first.
Why does foreclosure happen?
There can be several different reasons why someone is unable to meet the financial requirements of their property and it is often involuntary and completely unpredictable, which can bring a lot of stress to a homeowner.
If you were unexpectedly fired or suffered a medical condition, if you are facing debt, going through a divorce or relocating to a new state and are in a tough financial situation and stop making mortgage payments, foreclosure is bound to happen on your property.
Although voluntary foreclosure doesn’t happen often, some house-owners do simply give up on their property if the value significantly drops – this often happens in small towns or even islands when the tourists stop visiting.
First steps you need to take in stopping foreclosure:
Take a look at the Department of Housing and Urban Development’s Foreclosure Avoidance Counseling list and select a counselor that will be able to assist you free of charge. If you are able to make payments, do so! If not, talk to your lender and negotiate a repayment plan.
Did you know there are several programs specifically aimed to avoid foreclosure and keep your home? Check out the Making Home Affordable program which offers lower monthly payments on your financial plan.
Five ways of stopping foreclosure in St. Louis
So how do you go about stopping foreclosure? Here are 5 different steps that will help you avoid foreclosure.
1. Stay calm.
Before you make any quick decisions, weigh out all your options and do your research (you’re already here, CONGRATS!)
2. Contact your lender.
Rather than avoiding the situation, contact your lender and come up with a financial plan on how you will be able to do the foreclosure rescue. If you’re aware beforehand that your payments might be late, you need to let them know. The conversation is uncomfortable, but far less uncomfortable than LOSING your home and being forced to relocate.
3. Work out your options.
We’re not talking about fitness – your lender can provide you with options that will work out your loan arrangement. From a modification, repayment options, reinstatement, to even claiming bankruptcy, you will be provided with certain options that may work in your favor.
4. Refinance!
If you are able to modify your loan you can start a new mortgage with low payments and gradually move on to higher to compensate the difference.
5. Sell your property.
Claiming bankruptcy
Bankruptcy is one of the most secret ways you can prevent foreclosure. It is often not mentioned in the most basic foreclosure prevention tactics. However, it is by far the best option if everything else fails.
How filing bankruptcy can help?
It delays the foreclosure process by several months, buying you enough time to come up with a financial plan.
Filing Chapter 13 or Chapter 7 bankruptcy enables the automatic stay order. Automatic stay order simply means that your creditors are unable to collect money from you instantly. This is the best way to legally postpone foreclosure as the bankruptcy goes through the pending process for 3 to 4 months.
Please note that this time might be shortened if your creditor takes things to court. Bankruptcy must also be declared BEFORE the notice of foreclosure is given, otherwise the creditor will be able to proceed with the sale.
Chapter 13 vs Chapter 7 bankruptcy
Chapter 7: To qualify for a Chapter 7 bankruptcy, you must have very little financial income. Your credit card and medical bill debts will be erased.
Chapter 13: In the case of foreclosure, Chapter 13 bankruptcy will usually apply. You will have a certain amount of income and will be able to create a repayment plan with your assets while still keeping your property.
Nolo offers an excellent insight into the Chapter 13 vs Chapter 7 bankruptcy, which includes a simple table to explain the differences.
Other ways for stopping foreclosure in Saint Louis
Pre-foreclosure sale, aka short sale.
Pros: You will be able to sell you home and get a sum of money in return.
Con: The value of your property will be significantly lower and your credit score might suffer.
Deed in lieu
Pros: You sell your home to the bank where you took out your mortgage.
Cons: Lower value and the loss of your home.
Not happy with these options? Looking to sell your property? Why not sell to a cash home buyer?
Sell to a cash home buyer
Selling your home to a cash home buyer is becoming a popular way of stopping foreclosure. Not only are you able to sell your home fast – when you call, the offer is usually given within 24 hours and your home, if needed, can be sold in just 7 days.
Pros of selling to a cash home buyer:
- Fast sale
- You get cash in hand
- No need to worry about repairs
- Quick and efficient
Although it is known that cash home buyers are usually able to offer less money than the value of your home, you are going to save money on closing costs and realtor fees as well as other expenses which include repairs and other costs associated with getting your home ready for sale with a realtor.
When it comes time to get paid, you should get the option of getting a check or having the money wired into your bank account.
Even if you don’t sell to Priority Property Investments LLC, feel free to ask us any questions you may have regarding selling your house. Give us a call now at 314-789-3935, we are familiar with the process and can answer questions and provide options.
I think this is one of the most vital information for me.
And i am glad reading your article. But want to remark on few general things, The website style is perfect, the articles
is really nice : D. Good job, cheers
We stumbled over here different website and thought I might
check things out. I like what I see so now i am following you.
Look forward to looking into your web page repeatedly.
This design is wicked! You definitely know how to keep a reader entertained.
Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job.
I really enjoyed what you had to say, and more than that,
how you presented it. Too cool!
Write more, thats all I have to say. Literally, it
seems as though you relied on the video to make your point.
You clearly know what youre talking about, why throw away your intelligence on just posting videos
to your site when you could be giving us something informative to
read?
An interesting discussion is worth comment. I think that you ought
to write more on this subject matter, it might not be
a taboo subject but typically people do not speak about these topics.
To the next! Many thanks!!
A person essentially lend a hand to make seriously posts I would state.
That is the very first time I frequented your website page and thus
far? I surprised with the research you made to make this particular publish extraordinary.
Magnificent activity!
You should take part in a contest for one of the highest quality blogs on the
internet. I’m going to highly recommend this blog!
Hi, I do believe this is an excellent blog. I stumbledupon it ;
) I may come back yet again since I saved as a favorite it.
Money and freedom is the greatest way to change, may you be rich
and continue to help other people.
Hey! I could have sworn I’ve been to this blog before but after checking through some of the post I realized it’s new to
me. Anyways, I’m definitely delighted I found it and I’ll be bookmarking and checking
back frequently!
Wow, this paragraph is good, my sister is analyzing these
kinds of things, so I am going to inform her.
Howdy! This post could not be written much better!
Looking through this post reminds me of my previous
roommate! He constantly kept preaching about this. I’ll send this article to him.
Pretty sure he will have a very good read. Thanks for sharing!
This is the right web site for anybody who really wants to
find out about this topic. You realize so much its almost tough to
argue with you (not that I actually will
need to…HaHa). You certainly put a new spin on a topic that has been discussed for decades.
Excellent stuff, just great!
Hey there! This post could not be written any better!
Reading this post reminds me of my good old room mate!
He always kept chatting about this. I will forward this page to him.
Fairly certain he will have a good read. Thanks for sharing!
I do not even understand how I stopped up here, however I thought
this post was once great. I don’t recognise who you might be however certainly
you are going to a well-known blogger when you aren’t already.
Cheers!
Excellent article. I am experiencing some of these issues as well..
Good post but I was wanting to know if you could write a
litte more on this subject? I’d be very grateful if you
could elaborate a little bit more. Thanks!
You’re so awesome! I do not believe I have read through something like that before.
So great to find another person with original thoughts on this subject matter.
Really.. thank you for starting this up. This site is one thing
that is required on the internet, someone with a little originality!
Does your blog have a contact page? I’m having a tough time locating it but, I’d
like to shoot you an email. I’ve got some ideas for
your blog you might be interested in hearing. Either way, great blog
and I look forward to seeing it improve over time.
Yes! Finally something about .
Thanks for sharing your thoughts about house buying.
Regards
It is not my first time to pay a quick visit this site, i am browsing this website dailly and obtain pleasant
data from here all the time.
great publish, very informative. I’m wondering why the opposite specialists of this sector don’t
understand this. You must continue your writing. I am sure, you’ve a huge readers’ base
already!
Ahaa, its fastidious discussion on the topic of this
piece of writing here at this webpage, I have read all that, so now
me also commenting here.
Howdy! I could have sworn I’ve been to this site before but after browsing through some of the post I realized it’s new to
me. Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!
Hi, I do think this is a great blog. I stumbledupon it 😉 I am going to
return once again since i have book-marked it. Money and freedom is the greatest way to change, may you be
rich and continue to guide others.
Highly descriptive blog, I loved that bit. Will
there be a part 2?
Good day! This is kind of off topic but I need some help from an established
blog. Is it very hard to set up your own blog? I’m not very techincal but
I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to start.
Do you have any points or suggestions? Many thanks
Superb, what a weblog it is! This weblog provides
valuable facts to us, keep it up.
Having read this I thought it was really informative.
I appreciate you finding the time and energy to put this informative article together.
I once again find myself personally spending way too much time both reading and posting
comments. But so what, it was still worth it!
Hi there, I discovered your web site by way of Google whilst looking for a similar subject, your site got
here up, it seems to be good. I have bookmarked it in my google
bookmarks.
Hi there, just changed into aware of your weblog through Google, and located that it is really informative.
I am going to watch out for brussels. I’ll be grateful when you continue this in future.
Numerous other folks will be benefited from your writing.
Cheers!
Definitely believe that which you stated. Your favorite justification seemed to be on the internet the easiest thing to be aware of.
I say to you, I definitely get irked while people consider worries that they just
don’t know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side effect , people can take a
signal. Will probably be back to get more. Thanks
Awesome! Its in fact awesome post, I have got much clear idea about from this article.
Useful info. Fortunate me I discovered your website by accident,
and I am stunned why this twist of fate did not took place earlier!
I bookmarked it.
I simply couldn’t depart your website before suggesting that I actually loved the standard information a person provide in your
visitors? Is gonna be back regularly in order to check out new
posts
Hello to every body, it’s my first pay a visit of this web site; this website consists of awesome
and truly fine stuff for readers.
My brother suggested I might like this blog. He was totally right.
This post truly made my day. You can not imagine simply how much time
I had spent for this info! Thanks!
I simply couldn’t go away your web site prior to suggesting that I
actually loved the standard information an individual provide to your guests?
Is going to be again often in order to check out new posts
I just could not depart your web site prior to
suggesting that I actually enjoyed the usual info a person provide
in your visitors? Is going to be back often to
check up on new posts
Good day! I could have sworn I’ve visited this website before but after going through some of the articles I realized
it’s new to me. Anyways, I’m definitely happy I
found it and I’ll be bookmarking it and checking back regularly!
What a information of un-ambiguity and preserveness of valuable
know-how regarding unpredicted feelings.
Hi there to all, how is the whole thing, I think every one is getting more from this
web site, and your views are nice in support of new people.
Hmm it looks like your site ate my first comment (it was super long) so
I guess I’ll just sum it up what I wrote and say, I’m thoroughly enjoying your blog.
I as well am an aspiring blog writer but I’m still new to everything.
Do you have any points for novice blog writers? I’d really appreciate it.
Spot on with this write-up, I seriously feel this web site needs a lot more attention. I’ll probably be back again to read more, thanks for the info!
Its like you read my mind! You seem to know so much about this, like you wrote the book in it or something. I think that you could do with some pics to drive the message home a bit, but other than that, this is fantastic blog. An excellent read. I’ll definitely be back.
When someone writes an piece of writing he/she maintains the thought of a user in his/her mind that how a user can understand it. Thus that’s why this post is great. Thanks!
Hey There. I found your blog the use of msn. This is a very well written article. I will be sure to bookmark it and come back to read more of your useful information. Thank you for the post. I will definitely comeback.
What’s up to all, how is everything, I think every one is getting more from this site, and your views are pleasant for new people.
My brother suggested I might like this blog. He was totally right. This post actually made my day. You cann’t believe just how much time I had spent for this information! Thank you!