Although Texas is one of the lesser affected areas by the foreclosure crisis, there are still many families who have faced this undesirable process. Thankfully the bankruptcy process can help, but there is still much to know about proper foreclosure defense.
Time Is Of The Essence
If you have yet to be notified about the intent to foreclose, you are in a unique position to resolve your mortgage debt troubles with your lender directly. Many lenders are willing to offer loan modifications or forbearance agreements to help you get caught up on your payments. The key is getting in contact with your lender at the first sign of financial trouble.
If you have already received a foreclosure notification, your time is running out. Depending on the type of foreclosure state you live in, you could find the process completed in as little as 30 days. Non-judicial foreclosure states do not require the court’s approval to implement and complete a foreclosure, which means that the process can take as little as 30 days. It is important that you know which type of foreclosure state you live in and the laws for foreclosure.
One of the best ways to halt an active or impending foreclosure on a home is to file for bankruptcy. A Texas bankruptcy attorney can help you complete your petition and obtain an automatic stay, an order that halts all collection and liquidation proceedings. Even if you decide against bankruptcy, many attorneys can also help you negotiate a deal with your lender directly.