David Disraeli says Foreclosure in Texas Need Not be Automatic
Most people facing foreclosure in Texas are unaware that they have other options besides letting the house go back to the bank or declaring bankruptcy.
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 non-judicial 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 call 512-464-1110, email david@360NetWorth.com, or book a call.
David Disraeli is not an attorney and cannot give legal advice. However, Mr. Disraeli analyzes homeowners’ circumstances and where appropriate makes referrals to local attorneys.