If your home is being foreclosed on Texas, you should be more focused on stopping or postponing the foreclosure sale date than stopping the foreclosure altogether. The reason is that the foreclosure process in Texas is swift; foreclosure sale happens every first Tuesday of the month. If you feel under pressure during these trying times, it’s completely normal but don’t give up. You can still stop the foreclosure sale date and save your home afterward. However, the first step to stopping a foreclosure sale date is understanding how the foreclosure is processed in Texas.
In Texas, your lender is mandated to keep you updated about your account’s state, and provided you fail to take the necessary action; your lender can initiate foreclosure. After a foreclosure has been initiated, most lenders won’t help you except you pay a lump sum amount. If the payment covers all your missed payments and other charges, your loan will be reinstated, and foreclosure will be stopped. If otherwise, your lender will continue with the foreclosure process and auction your home.
If you still have more than ten days before the scheduled sale date, you can submit a loan modification request. The law mandate that your lender should pause the foreclosure process as long as a loan modification application is in progress. Therefore, you can use loan modification to stop or postpone a foreclosure sale date in Texas. Contact your attorney immediately and fill out a loan modification application. The earlier you take action, the better.
If all options do not work out, filing for bankruptcy becomes your only way of stopping foreclosure and saving your home. If you intend to keep your home, chapter 13 bankruptcy will help you keep your home and get back on track with your mortgage payment. However, chapter 7 bankruptcy will help you clear your loans and offers you a new slate, although most of your property will be sold to clear the loans, including your home.
Contact your lawyer to discuss more alternatives and remember the earlier you act, the better.
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