Foreclosure is a
process where your mortgage company has your home sold to pay back
the
mortgage. Many people are scared that the mortgage company can
come in and immediately
change the locks to your home. That is not true. A mortgage
company must adhere to the
contract terms and follow the legal process.
Often times real estate investors and other scam artist will
pressure a home buyer into selling
their home with these type of scare tactics. You should not fall
for any type of pressure tactics
from real estate investors, the mortgage company, scam artists or
even attorneys.
How much time do
I have?
That said you
still need to be vigilant to protect yourself from the
foreclosure. Foreclosure in
Texas is relatively quick. Once you have been served with notice,
you have 21 days until the
sale occurs. This is often the time that you should consult with
an attorney. You must file a
legal response and assert any defenses against foreclosure and
claims against the mortgage
company you may have.
Can they throw me
out of my house?
Absolutely! When
you give a mortgage company a mortgage on your property you are
giving
them the right to sell your property if you do not make payments.
Many people think that their
home cannot be sold if they are behind on the payments...that is
incorrect. You must not delay
in protecting your rights. I have seen many clients who wait and
then come in when it is too late.
There is hope though. There are several methods under Texas law
to try and defeat the
foreclosure.
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What are my
options:
1.
You can
try to negotiate a private payment plan with the mortgage company.
These are
often called forbearance or loan modification agreements. As you
research your options on the
internet you will notice that there are many companies that make
promises to stop a
foreclosure. They will tell you that they have some type of
"specialized knowledge" in
negotiating foreclosure. I will caution you to be very, very
careful. These companies cannot
represent you in court and have no leverage to force or convince
your mortgage company to
settle with you.
2.
You can
try to litigate the foreclosure in the hope that the lender has
made a legal
mistake and the court will prevent the foreclosure. A competent
foreclosure defense attorney
will be able to review your case and give you a legal opinion on
your case. If your foreclosure
defense attorney has found that the lender has made a mistake you
may be able to stop the
foreclosure. In certain extreme cases where the mortgage company
has violated certain
Federal laws, your mortgage may even be cancelled and your
interest returned to you. Only a
lawyer can advise you on this and you should not take "legal
advice" from any foreclosure
assistance company.
3.
You may be able to qualify for a court ordered workout
program. Under Chapter 13 of
the bankruptcy code you can often pay the back payments in
installments. Do not be fooled by
attorneys and paralegals who say that chapter 13 is not
bankruptcy. Chapter 13 is one of the
codes under the Bankruptcy laws. While Chapter 13 will affect
your credit it will often allow you
to save your home.
Do I need an
Attorney to Represent Me?
Well America is a great country and in this
great country you can always represent yourself.
Would I represent myself....not a chance. Having the right
attorney to advise you in the
complex foreclosure process is very, very important.
I have had many people ask me what is the difference between
hiring an attorney and hiring
one of the foreclosure assistance firms that they find on the
internet. I say to these people to
ask the foreclosure assistance firm if they are going to fight for
them in court....the answer is
always no. While these businesses may have "slick" websites and
convincing sales people
they cannot fight for you in court. When your home is at risk to
foreclosure you are in the fight
of your life. You will want an attorney by your side to fight for
your rights.
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HERE TO START FIGHTING BACK
IF YOU HAVE
QUESTIONS OR ARE READY TO SCHEDULE YOUR
CONFERENCE WITH AN ATTORNEY CALL (713) 916-3555
