If you are unable to make your mortgage payments on time the lender that holds the mortgage can bring a foreclosure action against you to take possession of your home. You might also be subject to foreclosure if you fail to repay money borrowed from the bank and your home was used as collateral for the loan. Additionally, if you belong to a Homeowner’s Association and cannot pay the dues, the Homeowner’s Association can apply with the Court for a lien against your property and begin the foreclosure process.
A foreclosure action is brought by a bank, mortgage company, or lienholder seeking to take possession of your property. After the foreclosure takes place, you lose any rights you had in the property.
In some cases, individuals call our office seeking solutions to foreclosure and get the payments caught up over time. Other people want to simply walk away from the home but are concerned about the long-term impact on their credit.
Either way, you owe it to yourself to seek out the services of an experienced bankruptcy attorney in Dallas, TX, who can help you understand the pros and cons of each approach.
Attorneys to Stop Foreclosure in Dallas, TX
In the state of Texas, a mortgage company is permitted to foreclose on a property with only 20 days notice. If you are behind on your mortgage payments, then your home is at risk of foreclosure. The foreclosure process begins when the mortgage company issues a Notice of Intent to Accelerate and stops taking your payments.
Your first notice of the foreclosure action takes place when you receive a letter from your lender, which may be referred to as the "Notice of Default (NOD)" or the “Acceleration Notice.”
We can help you find out the best approach in your case. Call us to learn more about the "Deed in Lieu," or a "short sale," and whether a strategic mortgage default would be in your best interest. The attorneys at Littlefield Law Firm in Dallas, TX, can help you stop a foreclosure action so that you can get caught up on your payments, or simply buy yourself time to figure out what you want to do.
Schedule a meeting to discuss your questions so that we can answer your questions. Let us help you determine the best way to solve your financial problems. We can help you take action after you receive a Notice of Default.
Call (972) 812-0900.
This article was last updated on Monday, 12, 2018.