Are you behind on your mortgage payments and need Texas foreclosure help? You are not alone. With an accelerated foreclosure process (usually 41 days between the day the debt is past due to the date of foreclosure sale), many Texas homeowners are seeking help to stop foreclosure. Don’t worry too much; the key is to communicate early, and often, with your lender. Remember, help is available from many different places.
To get Texas foreclosure help, you first need to understand the foreclosure process. If you fall behind in your payments, Texas law requires the lender to give you 20 days to pay off the past due amounts. After that 20-day cure period, 21 days must pass before a foreclosure sale is scheduled. In order to stop foreclosure, the debt must be eradicated, or an agreement must be in place with the lender in writing before the 41st day.
If you experience a life-changing situation that causes a loss of income, immediately notify your lender and begin the process to work out a plan. If it’s a temporary situation, and you have been on time with your payments thus far, most lenders will help stop foreclosure by putting the payment you missed on the end of your term, making you current. Unfortunately, the problem begins when debtors don’t communicate.
Always open mail from your lender. It is common place to disregard what your lender sends you because you think that if you don’t see it, you don’t have to be held responsible for it. Keep in mind, the lender doesn’t want to foreclose. They are just as interested in working it out as you are. The mail you throw away could be them offering help to stop foreclosure.
Another way to get Texas foreclosure help is through Texas REALTORS. Some Texas REALTORS have undergone specialized training to help Texas homeowners avoid foreclosure. The Short Sales and Foreclosure Resource (SFR) certification consists of a rigorous eight-hour training with periodic continuing education webinars.
Unfortunately, with the big influx of borrowers needing Texas foreclosure help, there is also an influx of people looking to scam those borrowers. Be aware of companies that promise to stop foreclosure for you or reduce your payments. The only entity capable of making those changes is your lender. These scammers will usually ask that you pay them a fee upfront, or even start making your loan payments to them instead of your lender. Don’t get sucked into the scam.
Don’t be afraid to know your rights, and make sure your lenders know you know them also. Even in default, you as the borrower have rights that the lender must follow. If at any time you feel you have been discriminated against, report it to the proper authorities. Though it may not stop foreclosure, it will ensure your rights are followed and you are given a fair chance.
Be informed. Inevitably, regardless of how much money you make, your will need Texas foreclosure help at some point. Life happened. Just remember, the key to stop foreclosure is communication. If you see life changing, call your lender immediately, before you default. They will give you your options and you can work it out before there is even a problem.
Save My Texas Home is a great option for getting help. Just visit at savemytexashome.org!