Is the bank required to help me?
Just like you may be looking for options to stop the foreclosure, they are looking at all their options to minimize their loss. Do not count on the bank to help you, they are not on your side. If it is more beneficial to collect on the mortgage insurance, sell or transfer the property, or foreclose on the property that is what the bank will do. They have attorneys on their side to help foreclose on you, who is on your side to help stop the foreclosure?
I’m delinquent on my mortgage, what options do I have?
A homeowner has many options to stop a foreclosure. This includes a forbearance agreement, a deed-in-lieu of foreclosure, a loan modification, a short sale, a temporary restraining order, an injunction, Ch. 7 & 13 Bankruptcy, and litigation. The important thing to understand is that the banks are not on your side and are not required to offer or approve any of these options. Make sure you find an attorney that will help find the best option for you. The longer you wait to get assistance the less options you have to stop a foreclosure. You must act now.
Are banks denying your short sale or loan modification?
The banks have a process of how they approach accepting these loss mitigation alternatives. If you are just submitting paperwork that they are asking for without presenting it in a manner that is beneficial for the banks, you may be hurting your chances of approval. The average approval rate for acceptance is only 25% with no representation. Having a competent attorney to assist you through the process will increase your chances tremendously because they know what the banks are looking for and the banks want to make sure they are following all the guidelines properly so they don’t find themselves in a lawsuit.
Can the HOA foreclose on my home?
Yes. The HOA can certainly foreclose on your property and will if you continue to fail to pay your dues. The good news is that the laws for HOA in Texas have changed and are now more favorable for the homeowner. Find out what the HOAs don’t want you to know. Get in contact with our office today to prevent the HOA from coming down on you.