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Can Foreclosure Really Be Prevented, Or Just Postponed?

On Behalf of | Dec 6, 2017 | blog

The good news is that there are legal strategies that may be able to bring a foreclosure proceeding to a halt. However, you may wonder if the outcome will be permanent or if the lender will simply try to foreclose again the next chance it gets. 

Are Payments On The Home Within Your Means?

At the end of the day, if a homeowner’s income is not sufficient to make the mortgage payments, keeping the house may not be an option. Even in these situations though, stopping the foreclosure may prove beneficial, because it allows the homeowner the freedom to sell the home on their terms, rather than having it swept out from under them. This may be accomplished through a traditional sale or a short sale.

If a homeowner does have the means to make the mortgage payments, but has been threatened with foreclosure due to a short-term setback, foreclosure defense strategies may be beneficial. The foreclosure may be stopped, allowing the homeowner the breathing room to get caught up on past-due payments and get back on track. This might be accomplished by negotiating a loan modification so the mortgage works for the homeowner. In these cases, the lender will have no need to pursue foreclosure again.

Foreclosures move fast in Texas, so fast action is necessary. Your case should be reviewed carefully to ensure the proper steps are taken toward a long-term solution to the threat of foreclosure. Homeowners do not need to live with this stress when there are options available.