There are many reasons why a homeowner is unable or otherwise stops making their monthly mortgage payment:
- Laid-off from work, fired or unemployed.
- Employment transfer to another state.
- Unable to work as a result of illness.
- Unable to work as a result of family difficulties.
- Excessive debt.
When a homeowner becomes late with their monthly mortgage payments, the lender or mortgage holder may contact them directly indicating that they intend to foreclose. When a homeowner receives such a communication, it is important to contact a skilled foreclosure attorney, in order to discuss all of the options and possible solutions available to try and avoid foreclosure.
A foreclosure is a legal process where a mortgage company or lender takes ownership of a home. This process occurs if a homeowner does not make their required monthly payments. There are both Missouri laws  as well as federal laws  that must be taken into consideration which complicates a case, making an attorney a valuable asset and ally to have during this process. It is also important to note that in Missouri, some residential foreclosures are nonjudicial which means that the lender does not have to go to court in order to complete a foreclosure. Because this can be a complicated legal process, the sooner that you begin to work with an attorney, the more options will be available to you to avoid foreclosure.
It is important to remember that even after a Complaint to Foreclose is filed, almost every state allows for a period of time for redemption where the homeowner can pay all of the missed principal payments, back interest and foreclosure costs in order to take back control of the property. By contacting an attorney who is familiar with both Missouri and federal laws to discuss the specifics of your case you can best understand and protect both your rights and your home. Call Kenneth P. Carp today at (636) 947-3600 to schedule a free consultation.