Seasoned Lawyer Serving El Paso
If your home is being foreclosed upon, it may be possible to stop that foreclosure from happening. If your home has already been foreclosed and even sold, it may still be possible to unwind that sale and restore you to your home. As a comprehensive debt relief law firm we utilize all the tools available to stop a wrongful foreclosure and help people throughout El Paso stay in their homes.
El Paso is crowded with homeowners who were talked into buying more property than they could afford through a variety of banking tricks. There were adjustable rate mortgages with attractive teaser rates that quickly reset to a much higher rate. Even worse are the mortgages that continue to reset periodically through the life of the mortgage, always higher and never lower. Then there are the mortgages with hidden balloon payments that require the borrower to come up with enormous sums of money on the happening of some condition written into the contract's fine print. If you were roped into one of these mortgages and now the bank is trying to foreclose because you can't meet the payments, you may have options:
If you have missed mortgage payments in the past or feel yourself sliding into foreclosure, there may be steps you can take prior to receiving the notice of default from your loan servicer. For instance, it may be possible to negotiate a loan modification or workout from your lender. Since the sub-prime mortgage crisis of a couple of years ago, the federal government has created a number of programs designed to encourage lenders to agree to a variety of such modifications.
Through the federal government's Making Home Affordable programs, you may be able to obtain a loan modification, interest rate reduction, refinancing, a deferred payment, or financial assistance to transition out of your home while avoiding foreclosure. Some of the major programs under this initiative include:
Save Your Home With Chapter 13 Bankruptcy
Although the government has initiated many valuable programs, none of these government programs actually require the lender to agree to any sort of loan modification, even if the bank took millions in bailout money following the sub-prime mortgage meltdown. One sure way to stop a foreclosure in its tracks is with a Chapter 13 bankruptcy. Chapter 13 allows you to catch up on missed payments comfortably by rolling them into a 3 or 5-year debt repayment plan, while pulling you out of default and the threat of foreclosure.
Banks may foreclose by mistake or in violation of the law; you may think you have a workout negotiated, not realizing that you are dealing with a gigantic institution, and the foreclosure department may have no idea what the loan modification department has agreed to. If you receive a notice of default or foreclosure, you must ask quickly. Contact an experienced foreclosure defense attorney to stop the foreclosure before the sale if possible. In Texas and throughout the county, contact The Law Office of Clint W. Chase in El Paso for immediate assistance.
Our law office provides legal services to victims of foreclosure as well as loan modification relief to clients throughout El Paso. We can help!