Q: Good afternoon I like to know , what should i do regarding my home foreclose.
I have a past due ( 3 years) mortgage and due to pandemic ( lost job and parents hospitalized) could not able to pay . I have tried several time to modify the past due also requested for payment option. each proposal they turn down and send me a demand letter for full past due . Now i received a letter for foreclose my home on May 3rd 2022. I also applied for Texas mortgage help and it will take few weeks to process, how can i move my or stop my foreclose for one more month before the application for mortgage can pay off my past due bill!
A:
I have practiced in Texas and in Texas foreclosure is by "post and sell"--May 3 is the first Tuesday of the month which is foreclosure auction day. .That is contrasted to states like Florida where I practice now where is called a "Strict Foreclosure" state. That means that you through an entire law suit before it can be sold.
The Texas manner is quick and over and you are stuck if you let the May 3 date go by and do nothing
You need to get to a bankruptcy lawyer and seriously consider filing a Chapter 13. That Chapter has significant advantages for home mortgages that is not available anywhere else----and it sound like you need it!
"Mortgage help" outside bankruptcy is like trying to cure a compound fracture with a band-aid
Timothy Denison agrees with this answer
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A:
In Texas most mortgages are secured by a Note, a mortgage, and a Deed of Trust. Unfortunately, that allows the Bank to forclose without going to court. That letter they sent you is for real! Do NOT ignore it.
Your only real legal move is to file a lawsuit against the Bank to STOP the foreclosure. I have filed many of those lawsuits and it needs to be filed ASAP. When you file the lawsuit, the lawyer also files for a Temporary Restraining Order (TRO), which STOPS the foreclosure sale. Once the sale is stopped, you have a chance to work-out some agreement with the Bank for you to either re-shape your mortgage payments, or figure out how to walk-away from the house. You can then somehow sell the house and get any equity you have in the house turned into cash, or some type of Short-Sale. But understand, you must file the lawsuit to STOP the Foreclosure before May.
Please act ASAP to protect your rights.
Good Luck!
Timothy Denison agrees with this answer
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