Foreclosure Sale Date
When you fall behind on your house payments, the remedy for the mortgage company (or bank) is to foreclose upon the loan. In essence, it is the bank saying that you have breached your contract with them, and now they want to take back the collateral (i.e. the house). But in order for the bank to do so, it must follow certain procedural requirements.
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After you have fallen into arrears on your home loan, the bank will most likely start the foreclosure process by hiring an outside law firm. The law firm will send you a series of letters, the last one of which will be an official notice of the foreclosure sale date. This letter is almost always sent by way of certified mail, which will require you to retrieve the parcel from the post office. The sale date is usually about 20 to 30 days from this official notice. In it you will find pertinent information as to your rights (including Rights of Redemption and bankruptcy). Once this date comes, the real estate will be sold ‘on the courthouse steps’ to the highest bidder.
Of course, if your goal is to keep the house, then you do have the option of filing a St. Louis Chapter 13 bankruptcy. So long as the case is filed before the foreclosure occurs, then the Automatic Stay imposed by the bankruptcy court goes into effect. The Automatic Stay is the shroud of protection the court puts around you that prevents creditors from taking any further action. Once the Missouri Chapter 13 is filed, a repayment plan is created in which you pay back the mortgage arrearage over the course of three to four years. Filing a St. Louis Chapter 7 bankruptcy will also stop a foreclosure from happening, but this type of bankruptcy does not include a repayment plan.
The affordable St. Louis bankruptcy lawyers at The Law Office of Jennifer Alter-Rieken have been assisting clients with their foreclosure issues for years. Our goal is to protect the assets you wish to keep, get rid of the debt you now longer want to deal with, and do it all at an affordable cost to you.