Home Foreclosure Lawyer in Kansas City
Many Kansas homeowners are facing financial hardships which could lead to foreclosure that their lender could file to recover any deficiency in payments. Missouri state laws specify how foreclosures work, and there are legal rights and protections set in both federal and state law. The threat of losing your home can be overwhelming, and an experienced Kansas foreclosure attorney can help you stop foreclosure in Missouri.
Stopping Foreclosure in Kansas City, MO
In Kansas, MO, if you default on your mortgage payments, the loan owner or servicer will eventually begin a foreclosure proceeding. Then, the lender files a lawsuit in court to foreclose.
A reliable home foreclosure attorney from our Kansas City law firm can help you understand the legal consequences of having your real property foreclosed and what a Chapter 7 or Chapter 13 bankruptcy filing can do to stop it.
If you wish to know more about the impact of such a negative financial situation or if you have other foreclosure questions, consult with experienced Kansas City bankruptcy lawyers from the Roach Bankruptcy Center, LLC.
We can help you file for bankruptcy and take action to avoid foreclosure despite your current financial situation. We have extensive experience helping individuals struggling financially and will give your foreclosure case the attention it deserves.
Home Mortgages in Kansas City, MO
Home mortgages are generally considered secured debts, which means that the borrower will pledge the property as collateral for the loan. If you can get a loan to buy a residential real estate property in Kansas, the mortgage contract gives the lender a security interest in your home.
The mortgage contract usually comes with a promissory note containing the repayment terms and the ‘promise’ to repay the loan. In case homeowners fail to make payments, loan servicers could proceed to foreclose on the property.
Most home mortgages require a ‘breach letter’ that gives delinquent borrowers the chance to cure the default (often by paying off back payments and related costs). As part of the legal process, a homeowner could also challenge a sale proceeding with error or, if they have in the means in Kansas, reinstate the loan before the sale takes place.
Many people try to look into all their options and find alternatives to avoid foreclosure. Some would agree to a deed in lieu or short sale, while others would refinance into a fixed-rate mortgage. Some would negotiate a modification, while others would create a repayment plan through a bankruptcy declaration. Call our home foreclosure attorneys at (816) 408-6708 to know more about your legal options.
The Foreclosure Process in Kansas City, MO
In some states, foreclosures proceed through a non-judicial process governed by a deed of trust executed and recorded at the time of purchase. This enables a mortgage lender to proceed with a trustee’s sale without the need to file an action in court. In Kansas, however, borrowers who default on mortgage payments face the judicial foreclosure process. A credible Kansas home foreclosure attorney can help you understand the foreclosure process. Call our home foreclosure attorneys at (816) 408-6708 to schedule a consultation.
Summons and Complaint
Following relevant foreclosure laws, a lender must go to court, file a lawsuit, and ask for a court order allowing a foreclosure sale. The lender gives notice of the suit by serving a summons and complaint. If the notice is published in a newspaper, the period to respond and file an answer is 41 days. However, if it is personally served, the time for filing an answer is only 21 days (Kan. Stat. Ann. § 60-212). Call our Kansas City foreclosure attorneys at (816) 408-6708 to schedule a consultation.
If you do not respond to the suit, the mortgage lender will likely be allowed to hold a foreclosure sale through a default judgment. Alternatively, if you choose to defend the foreclosure lawsuit, the case will go through litigation.
If you lose at trial or if a summary judgment motion is granted (in favor of the lender, if there is no dispute about the critical aspects of the case), then the judge will order your home sold at auction. The lender then publishes a notice of sale thrice, with the last publication occurring 7 to 14 days before the sale date (Kan. Stat. Ann. § 60-2410). Call our Kansas City foreclosure attorneys at (816) 408-6708 to avoid foreclosure.
If the default is not cured and a judgment is made, the lender will sell the home at auction to the highest bidder. If bids are insufficient to cover the amount owed on loan, the lender may buy the property and sell it through a private sale.
Depending on the specific circumstance, there are defensive actions that a debtor can take to prevent this foreclosure sale. A typical foreclosure defense would establish that:
- The foreclosing party did not follow the legal process.
- The foreclosing party cannot prove it owns the mortgage.
- The terms of the mortgage are unconscionable.
- You are a service member on active duty.
If these do not apply to you, filing for bankruptcy may be the best way to avoid losing your home. If you cannot work out an agreement with your home mortgage lender, you may opt to file Chapter 7 bankruptcy or Chapter 13 bankruptcy.
There are advantages and disadvantages for each bankruptcy chapter, but both could help you stop or prevent a home foreclosure. A dedicated Kansas City bankruptcy attorney can explain how a bankruptcy case can prevent foreclosure. Call our foreclosure attorneys today at (816) 408-6708 to schedule a consultation.
Stopping Foreclosure Through Bankruptcy
Nobody wants to face the trouble of losing their home, but sometimes financial troubles can lead to a foreclosure. When faced with the above circumstances, however, there are steps that you can take to possibly prevent the sale of the property that secures your mortgage loan. You can try to:
- Contact your lender before missing the payment and ask the bank or credit union to negotiate a way to make the account current.
- Ask your creditors to accept a payment arrangement proposal as long as it specifies when you will make the next payment and when you intend to be entirely back on track.
- Look for a debt consolidation loan with a lower interest rate.
Chapter 7 Bankruptcy
You can file a Chapter 7 Liquidation Bankruptcy to stop a foreclosure. Once you file bankruptcy, the automatic stay takes place and prevents your creditors from seeking payment for your mortgage loans.
During this time, you can discuss with your Kansas City foreclosure attorney whether you can keep your home, seek a mortgage modification, or surrender your home to your creditors.
Given its complicated nature, individuals planning to file for bankruptcy should first consult with an experienced Kansas City bankruptcy attorney from the Roach Bankruptcy Center, LLC.
Call our foreclosure attorneys today at (816) 408-6708 to schedule a consultation.
Chapter 13 Bankruptcy
A Chapter 13 Reorganization Bankruptcy may be the best way to save your home when going through a financial crisis. Through the debt reorganization plan, you can keep your home while paying your home loan in a more manageable repayment plan. Once the bankruptcy court approves your application, you can start paying your home loan as part of your debt repayment plan.
Talk to a Kansas City Foreclosure Attorney Today!
Being unable to resume making monthly payments, or being unable to pay certain penalties would increase your chances of facing a foreclosure. Facing financial trouble due to unemployment or failed businesses is unavoidable, and many debtors fall behind monthly mortgage payments
If you are struggling with debt, a bankruptcy petition helps you get a fresh start and regain financial freedom. Seek legal advice from our experienced Kansas City foreclosure attorneys today. Our legal professionals at Roach Bankruptcy Center, LLC will assess your financial situation, negotiate with creditors, and help you determine your best options. Call our Kansas City bankruptcy law firm today to schedule a consultation.