What is a Home Foreclosure?
If you are behind on your mortgage payments, your home can be foreclosed on. This means the bank or mortgage company will take action to take ownership of your home. After foreclosure proceedings are started, the mortgage company usually only will accept a full payment of the past due amount and nothing less.
How Does a Home Foreclosure Happen in Missouri?
Missouri law allows both judicial foreclosures (which means the lender/mortgage company files a lawsuit to foreclose) and non-judicial foreclosures (which take place out of court). Most foreclosures in Missouri are non-judicial.
Under Missouri law, the Trustee (the third party that handles non-judicial foreclosures) must publish an advertisement of the foreclosure sale in a newspaper either every day for 20 days or once a week for four weeks. The trustee also is required to mail a foreclosure sale notice to the borrower no less than 20 days prior to the date of the foreclosure sale.
In Missouri, if the homeowners whose home has been foreclosed on do not vacate (leave) the home after the foreclosure, the mortgage company may file an unlawful detainer (eviction) lawsuit against them.
Will a Chapter 13 Bankruptcy Save Your Home from Foreclosure?
Filing a Chapter 13 Bankruptcy will stop a pending foreclosure sale in almost all circumstances. If you are faced with a foreclosure, you can file a Chapter 13 Bankruptcy, which will force the lender or mortgage company to accept a repayment plan to catch up the mortgage payments over a three to five year period.
Kansas City Bankruptcy Lawyers, Troppito Miller Griffin, LLC
If you are facing foreclosure on your home, contact our experienced and trusted Kansas City Bankruptcy attorneys for the help you need. Give us a call today.