Getting protection from foreclosure is neither an easy nor a slow process. From the day you receive a foreclosure notice in Missouri, you typically have around 21 days to make a decision about your home. While you could have more time in Illinois, nothing is guaranteed when it comes to foreclosure. If you've done any research at all you've probably come up with two possible solutions: Chapter 13 bankruptcy in Missouri and Illinois or Loan Modification. So, which one is better?
Loan Modification has changed in the last yeara"and not for the better. A year or two ago, I may have recommended a loan modification for those who are in a temporary situation like a job change or small medical emergency that had adjusted their budget in the short term. But with the latest housing crisis and dismal performance of the loan modification, I'm not sure I would recommend it at all, for any situation. America's largest lender hasn't been able to approve 96% of loan modification requests.
To even be eligible for a modification, you have to be behind on your payments. This has led to people purposefully falling behind on their mortgage in order to qualify. Since the waiting line for modification requests is so long, they are often so far behind by the time people are told that they can't get the mortgage modified that it is impossible to catch up.
On the other hand, Chapter 13 bankruptcy in Missouri and Illinois gives homeowners a permanent solution to debt. Even if you think your financial situation is temporary, you may be surprised to find out how quickly and far you can fall into debt in just a short amount of time. Even what seems like a small change in your budget could lead you down into the bottomless hole of debt. A permanent solution might truly be in your best interest.
A St Louis or Wentzville Missouri bankruptcy attorney can help you reorganize your debt, save your home, and get back on your feet. Bankruptcy is a very powerful federal law that forces your creditors to take less money over a longer period of timea"and prevents them from taking action against you like repossessing your car, harassing you and your family, or taking your home.
Not sure if bankruptcy is the best solution for you? Get free information like blogs, articles, bankruptcy faq, and even free books from great attorneys in your area. The sooner you start your education, the likelier you are to be able to save your home.