How Can Real Estate Defense Help Foreclosure?

 Posted on February 23, 2024 in Uncategorized

Finding yourself facing foreclosure is a stressful situation with uncertainty around the next steps. However, working with a Texas real estate attorney early on opens doors that struggling homeowners may not realize are there. With compassionate and strategic legal representation in your corner guiding the process, you can discover alternatives that can help defend your property from forfeiture. 

Respond Within Statutory Timeframes

Time is vital when responding to a foreclosure lawsuit. Texas law provides strict statutory deadlines for answering once served with a foreclosure petition. It is crucial to file the proper response on time. Missing the deadline to respond can result in an immediate default judgment against the homeowner, making foreclosure inevitable. Proper legal representation can prevent homeowners from inadvertently giving up their rights.

Review Loan and Paperwork for Errors

Rather than just responding to the foreclosure lawsuit, your lawyer can dig deeper by carefully reviewing your mortgage, note, and other paperwork from the lender. Sometimes, they may catch technical errors the lender made, like not properly transferring or assigning your loan before initiating foreclosure. For instance, the foreclosing bank might not have the legal right to take your home if your mortgage was not correctly signed over to them from the original lender as required. Spotting violations like this early on gives your attorney leverage to contest the faulty foreclosure case.

Look Into Alternatives Besides Foreclosure

If you simply fell behind on payments, leading to default, do not panic. The right real estate attorney knows many alternatives beyond immediate foreclosure that can help homeowners in your shoes catch up. These may include a loan modification for FHA homebuyers to reduce payments for several years, a particular forbearance period allowing you to pay the missed amount over time, a short sale to avoid further arrears, or even deed surrender to relinquish the house voluntarily. In many cases, your lawyer can even directly negotiate one of these options on your behalf. Their expertise here is invaluable as they know how to correctly file the paperwork and present your personal situation for the best shot at approval. There are alternatives aside from losing your residence altogether.

Government Programs May Be Able to Help

Several government programs also exist specifically to help struggling homeowners, like mortgage assistance through Texas Homeowner Assistance Fund. However, these programs come with extensive eligibility requirements and application processes. It is important to understand the requirements for these programs inside and out. This allows them to determine if a client qualifies and then appropriately handle the often arduous applications to secure modified mortgage terms or payouts to reinstate loans and stop foreclosure proceedings.

Contact a Parker County, TX Real Estate Lawyer

The threat of losing your home to foreclosure creates massive stress and uncertainty. However, working with a Wise County, TX real estate attorney from the beginning can provide you with help along the way. Call Acker Warren P.C. at 817-752-9033 for a free consultation.