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foreclosure prevention Archives

Foreclosures Move Quickly In Texas

In some states, lenders are required to file a lawsuit in order to proceed with a foreclosure. This is referred to as a judicial foreclosure, and it can take many months or even more than a year in some situations, giving homeowners a great deal of time to fight back. Unfortunately, Texas is not one of those states.

With HAMP Gone, Will Foreclosures Increase?

The Home Affordable Modification Program (HAMP) helped millions of homeowners nationwide modify their mortgages and stave off foreclosure. The program expired at the end of 2016 and now, according to an article from News 4 San Antonio, thousands of homeowners are once again at risk of foreclosure.

Are you facing home foreclosure? Be careful of scammers

Faced with the threat of losing the family home in foreclosure proceedings, Texas homeowners are likely to feel very desperate for a solution. If you're in this kind of situation, be careful that your desperation to stop your foreclosure does not lead you to take dangerous or risky decisions -- they could even become the victims of fraudsters who appear like they're offering just the expensive kind of service that could help them.

Modifying Your Mortgage? Proceed With Caution.

Sometimes life throws you an unexpected curve ball. A job loss, divorce, or another unforeseen event can threaten your stability and finances. If you fall behind on payments on your home, a mortgage modification is a viable option for preventing foreclosure and getting back on track financially. However, as one recent case in Grapevine demonstrates, caution must be exercised when attempting to modify your loan.

Mortgage lenders shifting how they look at credit?

Credit is one of the traditional factors lenders review when making decisions like whether to approve a person for a mortgage. Now, what kind of credit data mortgage lenders look at when determining mortgage eligibility and rates can shift over time. One type of data which could end up playing a bigger role in such decisions in the future is trended credit data.

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.

Homeowners have rights even in a non-judicial foreclosure action

Overdue payments are one reason why a lender might pursue foreclosure options. In Texas, that process may be even streamlined. Specifically, Texas is one of 29 states that allow foreclosure by the power of sale. That means that the court does not have to be involved, as is typically the case in a foreclosure by judicial sale.