How Can I Stop Foreclosure?

Most people facing Foreclosure would prefer to save their home which is understandable considering all of the time, money, and memories that have been vested into the home. When foreclosure is approaching it hits most people like a giant brick, leaving them stunned and unable to think logically on how to deal with it. The minute you smell trouble is the minute you need to begin to formulate a plan of action. Regardless of what stage you are currently in with your foreclosure, our law firm can help you find the best path for the situation at hand. Below is a list of just a few of the ways we can help save your home:

• Challenge the foreclosure in court to either prevent or delay it.
• Negotiate a workout plan with your lender.
• Re-establish the existing loan by making up the missed payments, as well as costs and interest.
• Arrange for a reverse mortgage if you have enough equity in the home and are 62 or older.
• Refinance the entire loan.
• Check your eligibility for help under one of the government programs.
• Defer the foreclosure sale by filing for bankruptcy.
   

When Should I Challenge a Foreclosure in Court?

Recently mortgage lenders have been slammed by the media and courts for using false affidavits in thousands of foreclosure cases. Employees for financial giants like Bank of America, JP Morgan Chase, Wells Fargo, and GMAC have all testified to having signed many thousands of affidavits a month, spending roughly 30 seconds on each affidavit, and that they didn't have a clue regarding the accuracy of the affidavit or the documents in question. This type of negligence is referred to as “robo-signing”.

Since most foreclosures in the State of Texas are non-judicial (outside of court) it would be necessary for you to file a lawsuit against your mortgage lender if you have reason to believe your lender has acted negligently. Given all the attention “robo-signing” has had in the media lately, your case is likely to be taken quite seriously by the court. Judges are taking a much closer look at the affidavits and paperwork before signing off on a lender’s request to foreclose. Even if you decide not to forego a lawsuit against your lender you can still use the “robo-signing” phenomena as a tool to help gain leverage while negotiating your mortgage terms with your lender.

There are other reasons to challenge a foreclosure in court as well. For example, if your loan has been sold repeatedly from one bank to another you may have a good reason to file a lawsuit against your lender to demand the lender prove ownership of your mortgage note. Again, since Texas foreclosures generally take place outside of court you would need to be the one who initiates this lawsuit against your lender.

Do I Have Enough Time to Negotiate a Workout Plan?

The minute you realize you’re about to default on your mortgage is the moment you should begin to negotiate a workout plan with your lender. There are many types of Mortgage Modifications that can be negotiated with your lender. Since the Foreclosure Process moves rather quickly in the State of Texas it is difficult to negotiate a workout plan if you have already received a foreclosure notice. If you have received a foreclosure notice your best course of action might be to file either a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy which would instantly delay the foreclosure for at least 3-4 months. Another way to delay foreclosure would be to file a lawsuit against your lender, but filing a lawsuit may not be the most practical solution.