Unfortunately, foreclosures are at all time highs and many people lose sleep at night worrying about the future of their homes. Going through a foreclosure can be humiliating, stressful and represent a serious loss for your family. However, there are certain things that your Texas foreclosure attorney can help you to do to avoid foreclosure:
• Loan modification. A loan modification is a process that makes permanent changes in the terms of your mortgage loan. A modification allows your mortgage to be reinstated and reduces payments so that they are affordable. This process can be time consuming and requires you meet certain criteria to qualify.
• Forbearance. A forbearance is an agreement made between your mortgage lender and you in which the bank agrees not to foreclose and you agree to a mortgage plan that will, over a specified time period, bring you current on your payments. However, a forbearance agreement is not a long-term solution and is meant for borrowers with temporary financial problems because of unforeseen situations like temporary unemployment or medical problems.
• Short sale. A short sale is when you sell your home for less than the outstanding balance of your mortgage and the proceeds are used to pay your lender. Under this agreement, your lender accepts the amount as repayment of the mortgage and you are freed of the mortgage obligation. A bank may be agreeable to a short sale because it enables the bank to avoid greater expense incurred from the foreclosure process.
Contact an experienced Texas foreclosure attorney today
In today’s tough economy anyone can become a victim of foreclosure. If you are concerned about a foreclosure happening to you, contact us online or call 972-772-3083 to learn how we can help you.
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