How to Fight Property Foreclosures in Texas
No one wants to lose a home to foreclosure, but in Texas, the law makes it very easy for lenders to foreclose on a property. The entire process can take just three months, according to RealtyTrac. With limited time to fight the foreclosure, you will need to act immediately to save your home. Assistance from the state of Texas and federal government is available to help you stop the foreclosure process and keep your home.
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Instructions
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Call your lender. To fight foreclosure, you will need to address the foreclosure with your lender. Be honest. Explain the reason you are unable to make your payment. If you are current on the mortgage, refinancing may be an option. Refinancing at a lower interest rate will lower your monthly payment. For homeowners experiencing a hardship, forbearance can be the solution. If your lender agrees to the forbearance, your payments will be temporarily suspended for a specific time period. After that, you will be placed on a repayment plan that will include the missed payments.
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Utilize services from the Texas Foreclosure Prevention Task Force. Its goal is to provide homeowners with the education and resources needed to avoid foreclosure. The task force sponsors events throughout the state to provide homeowners the opportunity to meet with a Housing and Urban Development (HUD)-approved foreclosure prevention counselor. The counselor will review your loan and finances to explore possible options and can also advocate on your behalf with the lender.
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Apply for assistance through the Making Home Affordable program. The federal modification program allows Texas homeowners to modify their current loans, resulting in more affordable payments each month. If you are not able to keep your home, the program provides help if you complete a short sale or deed in lieu of foreclosure. Texas lenders who participate in the Home Affordable Foreclosure Alternative program are able to offer homeowners up to $3,000 in relocation funds.
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Apply for legal aid. Fight foreclosure with the aid of an attorney. Legal aid organizations in Texas provide low-income homeowners with legal assistance in the form of advice or representation. If approved for legal aid, the attorney will also review all mortgage papers to check for discrepancies or lender fraud. Visit HUD to locate an organization near you (see Resources).
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