Subscribe to E-Mail Updates.
Join Us on Facebook!
Watch Us on Youtube.
Follow Us on Twitter!Homeowners Facing Foreclosure Have Very Little Time to React
Homeowners facing foreclosure often work hard to save their homes, contacting the mortgage lender, sending in requested paperwork and waiting patiently for a response. But because of the current backlog faced by many mortgage lenders, homeowners facing foreclosure are also faced with a nerve-racking wait that could jeopardize their home. In judicial states like California, foreclosing on a home can take a lot of time. A California mortgage lender needs to go to court and foreclosure can take as much as six months; but in Texas, once a homeowner receives the foreclosure notice he/she has about 30 days to fight for their home. That’s why Texas homeowners facing foreclosure should speak with a bankruptcy attorney to find out what bankruptcy options are available to prevent foreclosure.
Both Chapter 7 and Chapter 13 bankruptcy can stop foreclosure. Once a debtor files bankruptcy the court issues an automatic stay which requires that all creditor efforts to collect from the debtor including foreclosure stop immediately. Once bankruptcy is filed, the debtor has time and the law on their side and can often gain concessions from the mortgage lender which can include mortgage modification. The debtor can also place the home in Chapter 13 bankruptcy and repay the delinquent mortgage payments over a period or 3 to 5 years. To find out more about bankruptcy contact a Dallas-Fort Worth bankruptcy attorney today.
Related Posts
- Texas Attorney General Wants To Give More Time To Homeowners Facing Foreclosure
- Bankruptcy The Most Effective Tool In Helping Homeowners Facing Foreclosure
- Pending Legislation Would Allow Homeowners Facing Foreclosure To Reduce Interest
- Hope For Homeowners Plan Not Much Help For Many Facing Foreclosure
- Mortgage Servicers Abusing Homeowners Facing Foreclosure?
July 14th, 2009 at 6:19 am
generally they are given a time span of 30 days… which is not enough they must be provided with the time span of at least a couple of months
July 19th, 2009 at 3:55 am
This is exactly what happened to us. We were in line for a modification and told several times that it was too late to place our home up for sale. The modification answer took from January to July and we now have 2 weeks to come up with $4,200 and our first mortgage pmt of $1868 is due August 18th. We called Litton Loan every week to check on the status of our modification and we were told it was still being reviewed. We did not ask for a modification in the first place. We were told we could not make a payment. When we called we were never counseled as to what our options would be. They milked more and more months of unpaid mortgage payments thinking we would just walk away. We have a choice to work hard for about 18 months and pay $1800/month with $4200 down or pay $750 to file BK and then $1800/month for 5 years. Either way we have to pay $1800/month. The government needs to make a rule that they have to give a modification response within 30-60 days not 6+ months. We are sick over this and it has ruined our credit and our life. There are people out there who can not handle this wait and worry and turn to suicide and now I can see why. At lest I have my mothers last words to me stuck in my head which were “Be Strong” as well as “I Love You Too”.
God Bless everyone who is going through this difficult time. You are not alone.