Following foreclosure, a San Antonio resident could find him or herself being evicted from the home. However, with the assistance of a skilled foreclosure defense attorney, many San Antonio residents can seek to stop an eviction so they can stay in their homes.
If you stop paying your mortgage payments each month, foreclosure is inevitable. This article will discuss a few pieces of advice to help prevent the foreclosure of your home when you run into these kinds of financial difficulties.
In the wake of the real estate crisis that began in 2008 and 2009, numerous Texas homeowners have benefited from federal programs designed to help them prevent home foreclosure. One of these programs is called the Home Affordable Modification Program. By using HAMP, Texas homeowners can defend against a pending home foreclosure action, stop and/or pause a foreclosure action from moving forward or prevent foreclosure from happening in the first place.
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.
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.
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.
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.
Among the decisions a person can face when buying a home is the choice of what lender to go with when it comes to the mortgage loan connected to their purchase. This decision can end up having some significant implications for the home buyer. One reason for this is that there is a great deal of variation among lenders, and thus lenders could differ quite a bit in how good of a fit they would be for a particular home buyer’s circumstances.
Fortunately, San Antonio and Texas were never hit as hard as other areas of the country by the collapse of the housing market. Nevertheless, there are still many homeowners in the area who are having trouble making their mortgage payments. Even while many still struggle, foreclosure prevention measures taken by homeowners and their lenders seem to be working.
When a person is struggling with their mortgage and looking for ways of addressing the struggles, there are many areas of concern that can come up. We discussed one of these concerns in a recent post, the concern of possibly falling victim to loan modification scams. Today’s post will be focused on a different type of concern, concerns regarding getting the right information.