Plano Foreclosure Defense Attorneys

Let us Help You Stop Foreclosure & Save Your Home

Foreclosure is a legal process through which a lender or mortgage holder seeks to take possession of a property owned by a borrower who has defaulted on their mortgage payments. When a borrower fails to make timely payments, the lender may initiate foreclosure proceedings to sell the property and recover the outstanding debt. Foreclosure can have serious consequences for the homeowner, leading to the loss of their property and potential damage to their credit score. We highly recommend working with a Plano foreclosure lawyer to help you save your home.

Get the fighting chance you need to stop foreclosure and save your home. Call (972) 694-6400 or contact us online to schedule a free initial consultation with a foreclosure defense lawyer in Plano.

Texas Foreclosure Laws

Texas follows a non-judicial foreclosure process, allowing lenders to foreclose on properties without court involvement. The process is typically faster and more streamlined. Before initiating foreclosure, lenders must provide borrowers with a Notice of Default and Intent to Accelerate, giving them at least 20 days to cure the default. Texas law allows a borrower to redeem their property within a specific period (usually 180 days) after foreclosure by paying the outstanding debt in full. Unlike some states, Texas does not provide a statutory right of reinstatement. Most Texas deeds of trust include a "power of sale" clause, authorizing lenders to sell the property at public auction upon borrower default. Foreclosure sales are typically held on the first Tuesday of each month at the county courthouse or designated auction site.

Additionally, Texas offers foreclosure avoidance programs like the Home Affordable Modification Program (HAMP) and the Texas Home Equity Assistance Program to assist homeowners facing foreclosure. As laws and regulations may change, it is advisable to consult with legal professionals or relevant authorities for the most current information and guidance on foreclosure in Texas.

How to Stop Foreclosure in Texas

To stop foreclosure in Texas, you can take the following steps:

1. Contact Your Lender: Communicate with your lender as soon as you encounter financial difficulties. Explain your situation and explore options to resolve the delinquency.
2. Negotiate a Repayment Plan: Work with your lender to create a repayment plan that allows you to catch up on missed payments over time while continuing to make regular payments.
3. Apply for Loan Forbearance: If your financial hardship is temporary, consider requesting loan forbearance, which temporarily suspends or reduces your mortgage payments.
4. Seek Loan Modification: Ask your lender about loan modification options, such as lowering the interest rate, extending the loan term, or changing the loan type, to make payments more manageable.
5. Explore Refinancing: Consider refinancing your mortgage to secure a lower interest rate or extend the loan term, which may reduce your monthly payments.
6. Apply for a Home Affordable Modification Program (HAMP): If your loan is owned or guaranteed by Fannie Mae or Freddie Mac, you may be eligible for HAMP, a federal program that offers loan modification assistance.
7. Sell Your Home: If you can't afford to keep your home, consider selling it before the foreclosure process is completed. Selling the property may allow you to pay off the mortgage and avoid foreclosure.
8. File for Bankruptcy: Filing for bankruptcy triggers an automatic stay, temporarily halting foreclosure proceedings and providing time to explore other options or negotiate with the lender.
9. Consult with a HUD-Certified Housing Counselor: Seek guidance from a HUD-approved housing counselor who can offer foreclosure prevention assistance and explore available resources.

Contact Our Plano Foreclosure Defense Attorneys

Remember, it's essential to act promptly to stop foreclosure. Contacting our Plano foreclosure attorney early on can increase your chances of finding a viable solution and keeping your home. Each situation is unique, so seek professional advice tailored to your specific circumstance.

Get the fighting chance you need to stop foreclosure and save your home. Call (972) 694-6400 or contact us online to schedule a free initial consultation with a foreclosure defense lawyer in Plano.