Are you facing Foreclosure in Texas? Is your Mortgage a Subprime Loan?
Contact the Texas Bankruptcy Attorneys at The Law Offices Of R.J.Atkinson. We can answer your questions about foreclosure and subprime mortgages at a free foreclosure consultation. If your home is up for foreclosure, you might consider filing for Chapter 13 Bankruptcy to stop the foreclosure and save your home. We have helped thousands in Texas stop foreclosure and we may be able to help you.
Foreclosure and subprime mortgage loans have been in the news because of the backlash of the subprime mortgage lending practices. Bankruptcy and Foreclosure on these easy mortgage money mortgages are happening to more and more Texas homeowners. The easy money mortgages that were once so easy to get are becoming more difficult than ever before. This is especially true for those who are now facing foreclosure because of the lax lending practices. Interest only loans, variable rate loans, easy mortgages, adjustable rate mortgages, one hundred percent financing with first and second mortgages have started to take their toll on Texas homeowners. There are more and more Texas homeowners who have fallen behind on their mortgage payments due to these cheap money mortgages. Many Texas homeowners are now finding themselves facing foreclosure because of these types of mortgages and need options to save their homes.
If you are a Texas homeowner facing foreclosure or have fallen on hard times, it can sometimes be very difficult to get the help you need. At R.J.Atkinson, we are here to help. We know the strain our foreclosure clients are under and offer most clients the option of no money down on our Attorneys fees in Chapter 13 Bankruptcy cases.
Chapter 13 Bankruptcy will Stop Foreclosure on your Texas Home and allow you to repay the past due mortgage payments over 3 to 5 years.
If you are eligible to file, Bankruptcy will stop foreclosure, but Texas homeowners do have bankruptcy alternatives when facing foreclosure. You could try to refinance, but it’s fair to say that the lenders who were so eager to give easy money mortgages have now tightened their standards. These same lenders who got you into these mortgages will probably do little to get you out of foreclosure. These lenders are now asking for more detailed financial documentation, larger down payments, and better credit from potential borrowers. Imagine what they will want from you. And, if you are looking to refinance with them when you are in foreclosure, you may need a miracle. This isn’t to say that all lenders will run the other way when you’re in financial trouble. Some mortgage lenders do offer ways to keep you in your property and may work with you even if they have initiated foreclosure proceedings against you. That’s because the lenders don’t really want your home, they just want the money. If they take your home back they more often than not, lose much more money. So before you consider bankruptcy, ask your lender if they will they allow you to do a workout, a forbearance agreement, a loan modification, or move the past due payments to the end of the mortgage?
If you are behind on your mortgage and are facing foreclosure, you are not alone. Every month in Texas, of homeowners throughout the State of Texas face foreclosure, many are posted for foreclosure because of late payments on interest only loans, 100% financing, adjustable rate mortgages, and other easy money mortgages. Some Texas homeowners who aren’t up for foreclosure yet may be facing foreclosure in the near future. Since the Texas housing market may soon be cooling, many Texas homeowners who encounter divorce, loss of employment, medical illness, or other financial difficulty might not be able to tap into their home equity if they need to. They may instead be missing mortgage payments, credit card payments, and car payments, defaulting on their mortgage loans and heading towards foreclosure. This may happen because the interest rate on an adjustable-rate loan resets, a balloon note on a mortgage has become due, or an interest only note has converted. Since the advent of the subprime fallout, many mortgage lenders have become much more conservative, which equates to making it harder to get money when you need it.
If you are facing foreclosure in Texas, filing bankruptcy to stop foreclosure and save your home might be the best option. While Chapter 13 individual debt adjustment isn’t the only option to stop foreclosure, it can definitely stop a foreclosure instantly, and allow you to repay what you are behind over time. If you’re eligible to file, it can allow you to keep your home. When you file Chapter 13 Bankruptcy to stop a foreclosure, you essentially propose a repayment plan to reorganize payment of your past due or late mortgage payments over 3 to 5 years. Stopping foreclosure by filing Chapter 13 Bankruptcy spreads the mortgage payments you are behind on, which are also called “mortgage arrears” out in a Chapter 13 repayment plan allowing the homeowner to save their home from foreclosure while protecting their home’s equity.
If you live in HOUSTON, AUSTIN, SAN ANTONIO, DALLAS, or anywhere in the State of Texas, and are facing foreclosure of your home, time is of the essence. When you are facing foreclosure or the possibility of losing your home, it is extremely important that you speak with a Texas Bankruptcy Lawyer as soon as possible to see you options to stop foreclosure. Texas homeowners trying to save their homes from foreclosure must act quickly in order to stop the foreclosure. After the foreclosure sale takes place, it’s too late to save your home.
The Texas Bankruptcy Attorneys at The Law Offices of R.J.Atkinson can help you to explore your options to stop foreclosure and answer questions about bankruptcy and your home. If Chapter 13 Bankruptcy is right for you then you will have to file for bankruptcy before the foreclosure sale to save your home.
Stop Foreclosure in Texas - Questions about Bankruptcy & Easy Money Mortgages?