What is foreclosure?
Foreclosure is a legal proceeding in which a creditor pursues legal action to take property that they have loaned money against that the debtor has defaulted on their obligation to make payments.
According to CNNMoney.com, in Dallas, there is 1 foreclosure for every 65 households.
The legal process for foreclosure varies from state to state. There are two types of foreclosures, judicial and non-judicial. A judicial foreclosure involves a lawsuit to take possession of the property, which can take several months to complete. States that subscribe to a non-judicial foreclosure can complete the process after a mortgage note is defaulted and accelerated by the lender. After the lender has met the statutory requirements to file a notice of foreclosure, the foreclosure process can be completed in as little as thirty days. Texas is a non-judicial foreclosure state, which means that Texas residents can lose their homes to foreclosure much faster than residents of other states.
The sad truth is that too many people delay seeking representation until it is too late. They instead rely on the assertions from their Mortgage Company rather than independent legal counsel.
Bankruptcy can be a helpful remedy to stop a foreclosure proceedings and allow the Debtor to pay back the mortgage arrears on a payment plan that is tailored for their individual budget.
What should you do now?
If you face foreclosure unfortunately time is not on your side. If I am going to help you make this foreclosure mess go away, we need to talk as soon as possible. The first thing you should do is call my office to make an appointment. The number is (214) 265-0123 (then press 1). You may also set an appointment online through our new online appointment system.
More Foreclosure Topics
- Why are foreclosures on the rise?
- How can bankruptcy stop foreclosure?
- Can I stop a foreclosure without filing bankruptcy?
Topic: Dallas foreclosure Bankruptcy Lawyer