Why is the bank no longer accepting my payments?
In closings of homes, there is documentation that is sign that includes acceleration clauses. An acceleration clause will make your loan due in full at the time your note is accelerated. This is a legal tool that the banks have the right to exercise. If they have accelerated your note they will not take any payments from you and you are jeopardy of getting foreclosed very soon. You need to contact our office immediately.
What is a 21-day notice?
Texas Law mandates that you can only foreclose on the first Tuesday of every month. The 21-day notice is the document that the trustee (the individual who foreclosures on your home) is required by law to send out to you to notify you of your foreclosure sale date. The document should be sent out 21 days before the foreclosure sale date. The document should tell you where the foreclosure is to occur, what time it is to occur, and who will be foreclosing the property.
Is there anything I can do to get my foreclosed home back?
Yes. We have had several cases where we were able to rescind the foreclosure of a home. The foreclosure process in Texas is very defined. Not complying with the statutory procedures mandated by Texas law can force a bank to rescind a foreclosure. We offer loan reviews to determine whether or not the bank was compliant. If we can find a violation of the process we can help get your foreclosure rescinded.
Can Bankruptcy stop a foreclosure?
Yes. A bankruptcy is the only legal option that can guarantee stopping a foreclosure. The moment you file a bankruptcy you will get an automatic stay. The automatic stay will prevent any creditor from preforming any collection practices including foreclosure. Consult a competent real estate attorney to see if bankruptcy is the best option for you.
How does a foreclosure affect me?
Foreclosure is the absolute worst thing that you can allow to happen. A foreclosure can affect your credit for many years, increase your tax liability, eliminate your purchasing power, prevent you from getting a job, and you still may be liable for the unpaid balance. The Mortgage Forgiveness Debt Relief Act was a law that would protect deficiencies from being considered as income. Unfortunately it was not extended in 2014. This can have some serious effects on how that debt is handled. Do not allow a foreclosure to occur as it will just be the beginning of your problems.