If you fail to make mortgage payments on a home in Texas, your lender will likely notify you that it is foreclosing on the property. A lender must notify you of the intent to foreclose via mail and provide a minimum of 20 days for you to pay the default amount on the loan. If you do not respond, or the matter is not resolved, the lender will send a second letter stating that the full amount of the loan is due and a sale of the property has been scheduled to cover the balance.
Steele Law Firm, PLLC, in Fort Worth helps many individuals and families stop foreclosure and remain in their home by filing bankruptcy. Often, this is accomplished by filing Chapter 13 bankruptcy, which enacts an “automatic stay” that prevents a lender from selling your home. It is necessary in Chapter 13 bankruptcy to have an income steady enough to resume making monthly mortgage payments and catch up on missed payments over a three- to five-year period.
It is less common for individuals or families to remain in their home when filing Chapter 7 bankruptcy. Although Texas bankruptcy exemption laws allow a homeowner to keep 100 percent of the equity in a home (with some limitations on size of the home), unless you can pay the missed payments and remain current on the mortgage going forward, the lender still can, and likely will, foreclose.
I am attorney Lindsay D. Steele, and my commitment to each of my clients means taking the time upfront to fully understand your objectives. You will work directly with me from the initial consultation through the resolution of the case. I will take the time to explain every option as well as its short- and long-term consequences.
I will do everything I can to help you save your home. If that is not possible, however, I will tell you as much and lay out alternative solutions. Surprises are the last thing you need as you reset your financial life.
Contact the firm to meet with an experienced and knowledgeable bankruptcy lawyer. You can get answers to your questions during a free consultation as well as recommendations on the best steps to take.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.