Foreclosure can be absolutely devastating for families, especially when it is their own beloved home that they must surrender. Despite the unfortunate circumstances leading to foreclosure, you should never allow yourself to succumb to this heartbreaking reality.
For Missouri families struggling struggling to pay their mortgage with the possibility of foreclosure, the pressure can be overwhelming. To make matters worse, this process could take many months or even years to finish, intensifying their struggle for far too long.
Here in MO, you have access to many more options than what initially meets the eye. You can take advantage of a variety of legal rehabilitation strategies that will help address your foreclosure dilemma and get back on track with life. Don’t worry — St. Louis has got you covered!
Are you facing foreclosure and wondering how to get out from under it? This blog post has the answer. Here, learn about three legal ways that can help reduce your stress, minimize long-term financial commitment or burden, and ultimately save you from foreclosure. While all strategies won’t work in every situation, there’s bound to be one strategy on this list that will fit your needs!
Strategy #1: Work out a deal with your lender
One technique to consider is a “foreclosure workout.” In such an arrangement, you’ll reach out to your lender and explain that while paying your current mortgage might be difficult, it’s still possible for you to stay in the house and keep up with payments if an appropriate solution can be achieved.
Contrary to what many assume, lenders don’t prefer foreclosure over successful mortgage payments. They actually want their customers to be delighted and pay regularly on time! This is why most lenders are willing to negotiate with homeowners in order for them to catch up on late or outstanding payments. Some of the options available include temporary respite from your mortgage obligations, a spread out payment plan for catching up and paying off overdue amounts, as well as restructuring any existing debt owed.
Strategy #2. Bankruptcy
Bankruptcy might seem like an extreme step, yet it can be a valuable asset in your toolbox for avoiding foreclosure. By filing for bankruptcy you make known to all of your creditors that you are unable to pay them. This then stops the foreclosure process since all collection processes have been stalled by law.
Though filing for bankruptcy may seem like a viable option, it should be your absolute last resort. This is because you are required to sell off some of your assets in order to pay back creditors. Additionally, the mark will remain on your credit score for several years and can make it difficult – if not impossible – to get loans, cars or even jobs. Therefore, this shouldn’t be your go-to solution!
Strategy #3. Short sale help for a foreclosure in St. Louis
A short sale is the ideal option for those in danger of foreclosure. It’s fast, highly effective and proactive. With this approach, you sell your home and use the profits to pay off some or all of what remains on your mortgage loan.
- Proactively taking matters into your own hands is the best way to alleviate the stress of foreclosure. You’ll have control over this process and won’t feel like it’s out of reach anymore.
- Fast Lane Real Estate helps locals in St. Louis who are facing foreclosure with short sales, enabling them to sell their homes quickly – sometimes even within a week! The company’s local presence has made it easier for residents to get the help and assistance they need during this trying time.
- A short sale is an incredibly effective tool to reduce or even eliminate the amount you owe on your mortgage. In some cases, if there’s a remaining balance left over after selling the property, you may still be responsible for it – though often lenders are open to negotiation.
Though it may be difficult to accept, a short sale still means you have to move out of your house. But there is an upside–it has less of an effect on your credit than bankruptcy or foreclosure! In the long run, opting for this route allows you to remain in control and gives you more options moving forward.
If you find that you’d love to sell your house to get out from under your MO foreclosure…
Give us a call today at 314-310-8338 or click here to fill out the form and we’d like to make you a fair all-cash offer on your house.