Many homeowners are unaware that very often lenders who foreclose on homes do so without the proper paperwork, and therefore illegally. Unfortunately, once the foreclosure takes place the homeowner must sue for wrongful foreclosure in order to get the house back. Texas is a nonjudicial foreclosure state which means that lenders may foreclose and take a property back without involving the court system.
The good news is that foreclosure can be stopped dead in its tracks through a restraining order. Of course, this process involves an attorney, and expenses, and may not work. Congress has recently become aware that banks and mortgage companies are foreclosing on homes without following proper procedures. In fact, Bank of America and other banks halted foreclosures for a time to reexamine their procedures. The key issue is that loans are sold and re-sold along with the servicing rights and many times the foreclosing bank isn’t even entitled to foreclose because the transfer of owners wasn’t done correctly. To see if you qualify for an emergency stay of foreclosure get more information below:
For more information call 512-464-1110, email david@360Networth.com, or book a call.
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