The prospect of losing your family home can be one of the most stressful things that you can deal with. Foreclosure is not usually beneficial to anybody, since selling a home through a short sale will tend to retrieve a lower than market value at sale. This is why you should do everything you can in order to contest an upcoming foreclosure.
Fortunately, you may have the possibility to do so if you take the time to understand how the law works. You will have many chances in which to attempt to negotiate with your creditor. Since a foreclosure is unlikely to be an advantageous outcome for your lender, it is probable that your creditor will do everything they can in order to help you to avoid foreclosure.
Try to obtain a loan modification or a repayment plan
There are many ways in which your creditor can help you catch up with your loan. They may be able to modify your loan so that you are making repayments at a lower rate. Additionally, they may be able to arrange a repayment plan that makes catching up easier.
Make sure to respond to all communication
It can be so easy to bury your head in the sand when you receive concerning letters in the mail. It is vital, however, to fight that urge and to take action on every letter that you receive. If you receive a summons and complaint from your bank, you should respond and contest this with arguments and evidence.
It is important to know your options when it comes to preventing foreclosure in the state of Texas.