When Texas residents get to the point where they’re facing the possible foreclosure of their home, they contact Alva Wesley-Thomas & Associates P.C. for legal advice in the matter. For most individuals, their home is the largest investment they will make during their lifetime. We understand how facing foreclosure can be an extremely stressful and worrisome situation. You’re probably wondering whether you’ll be able to keep your home or be forced to leave.
Is It Possible for You to Keep Your Home Despite Foreclosure?
One thing is certain. Hiring a bankruptcy attorney or foreclosure attorney can definitely help. When filing for bankruptcy, one of the benefits is the automatic stay. This court-ordered injunction starts the moment Alva Wesley-Thomas & Associates P.C. files your case, whether you’ve filed a Chapter 7 or Chapter 13 bankruptcy. This will stop the foreclosure process immediately once our attorney has filed your case and the lender is notified of your filing. Thus, you get a chance to protect your property.
Furthermore, this will stop all creditors from attempting to collect from you as well. A creditor has the right to petition the court to lift the stay but only after a hearing has been held regarding the matter. If the court believes that you won’t be able to afford your home, it’s possible that they will lift the automatic stay and the lender will be allowed to proceed with the foreclosure action.
Bankruptcy and Foreclosure Proceedings
If you file a Chapter 7 bankruptcy, the property that you want protected from creditors must be identified and retained by the filer. If you can use a Texas exemption, you’ll be able to keep your home. Fortunately, Texas law permits a homestead exemption that will protect the equity in your home provided it meets the acreage requirements under state law. However, even though you can wipe out your unsecured debts, you will still have to make your mortgage payments on time until the loan is paid in full. However, you need to consult with a lawyer to understand your situation and the legal solutions that are available to you.
With a Chapter 13 bankruptcy, you are allowed to repay your debts over 3 to 5 years through an income-based repayment plan. This includes the past due payments on your mortgage, thereby enabling you to keep your home. With this bankruptcy, you can pay off all past due amounts over a 3 to 5-year period rather than paying a lump sum up front. To learn more about stopping foreclosure, contact Alva Wesley-Thomas & Associates P.C. today at 713-278-0800 for a FREE Consultation.
The definition of “foreclosure” is the legal process wherein a lender tries to recover the balance owed on a defaulted home loan by assuming ownership and auctioning off or selling the property. In other words, the lender holds the mortgage loan and when it isn’t paid, the borrower loses the property. At that point, the lender sells the home in order to recoup the outstanding balance on the loan. Thus, the borrower stands to lose one of the most important investment that he or she has made.
What most homeowners don’t realize is that they could still be liable for the outstanding balance even after the home has been sold. If you or your family is facing foreclosure, the law firm can help. As your foreclosure defense legal team, we’ll help you protect is your biggest investment by stopping any lender’s attempt to take your property and auction it off or sell it.
Why Do Lenders Foreclose on a Person’s Property?
Keep in mind that your lender cannot foreclose on your property without following Texas law. Any time a home loan payment is not made on time, the lender considers this a delinquency and will typically assess a late fee after the payment is 15 days late. On the 16th day, they’ll send a notice to the borrower. According to the Texas Department of Housing and Community Affairs, a mortgage loan is in default status once it is 30 days past due.
Once the loan is 60 days past due, the lender will not accept any partial payments and may, at that point, require the borrower to pay the loan balance in full prior to starting the foreclosure process. In most of the cases that a foreclosure attorney has handled, the process didn’t start until the payment was 90 days past due. In other words, once the borrower has missed 3 payments on their home loan, the lender will file a public notice of foreclosure on the property.
How Can Hiring a Bankruptcy Lawyer or Foreclosure Lawyer Help?
A bankruptcy lawyer or foreclosure defense lawyer from the Alva Wesley Thomas & Associates law firm may be able to help you save your property, especially if the foreclosure process is in its early stages. Once a Chapter 7 bankruptcy or Chapter 13 bankruptcy has been filed, an automatic stay is applied and the lender must put the process on hold. We can help you get the requisite legal assistance. Thus, if you or a loved one is facing foreclosure, don’t delay. Call Alva Wesley-Thomas & Associates P.C. today and let’s discuss your case by calling 713-278-0800.