Oliva, Saks, Garcia & Curiel, LLP | Matthew J. Obermeier | attorneys & Counselors at law
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Depsite Texas law, foreclosure prevention is possible

Job loss, illness or injury and other factors out of the hands of Texas homeowners can lead to financial distress. Many people in this position are unable to make their mortgage loan payments and are in jeopardy of losing their homes to foreclosure. Even though Texas laws tend to protect lenders more than borrowers, foreclosure prevention could still be possible.

If you are a Texas homeowner who is behind on payments and is facing the possibility of foreclosure, you do have rights and options. It might be possible to negotiate a loan modification that would allow you to get back on track if you want to keep your home. If a feasible modification is not possible, or you no longer want to keep the home, it might be possible to get out from under the house and the mortgage loan.

The house could be sold through a short sale or a traditional sale. A deed-in-lieu of foreclosure might be negotiated with your lender. The pros and cons of these and other options would need to be explored thoroughly before making any decisions. It might be necessary to file litigation against your lender in order to prevent you from being evicted from your home before you are ready.

Much of foreclosure prevention is about timing. Regardless of how you got into financial distress with your mortgage lender, it is crucial to seek help from an attorney as soon as possible. Even if foreclosure proceedings have already been filed, it is not too late to get help.

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