For Texas residents, foreclosure is becoming more of a bitter reality. This article focuses on helping those in Texas who fear losing there home, if not other assets. Some think this process leaves you no options; not so. You can always take preventative actions. And in cases where you are sure you'll lose your home, contact an experienced attorney to help with your case.
Don't Wait, Act
All too often, those who actually lose their Texas home take no action. They don't contact housing organizations like HUD to see their options. They don't find ways to catch up. Before the process starts, they don't consider hiring an attorney and filing bankruptcy. You don't have to make this mistake. You still have options if the foreclosure is coming; in this case, immediately contact a Texas attorney.
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Choose to Get Help
Sometimes it's hard asking friends and family for help, if not asking for more hours at work. There is no shame in asking. You also should consider your legal options; the bank won't stop a foreclosure just because you ask. Know your rights.
Know Your Mortgage Rights
This is where a local Texas attorney can help. Each state has different mortgage and foreclosure laws. You can contact an attorney today and find out. If you're in another state, go to the State Government Housing organization and contact a local attorney.
Avoid Scams
Unfortunately, there are many, many scams out there. Well, of course we all know that. But you might be surprised they're in the housing sector too. Companies will try to make money by offering help in stopping your foreclosure; some scams even say they can stop the foreclosure if you sign up with them. If the company says they'll help with the foreclosure, they are doing nothing you legally can do yourself. Some companies who promise to save your home - if you'll sign on the dotted line -- are in fact trying to steal your home. See through all these scams.
Sell, Sell, Sell
You definitely want to budget your money, stopping frivolous spending such as on expensive restaurants. That may not be enough. In Texas as in other states, you have many selling options. If your family has more than one car, you might sell one. If you are leasing an expensive SUV, you might go down to a lower level car cheaper on gas. You can sell some jewelry. Many smaller items like jewelry, books, movies, and games can be sold online on sites like Craigslist and eBay. These can give you some much needed cash, especially if you've put a lot of money into buying items.
File Bankruptcy
Filing bankruptcy may seem like a lose-lose situation. Yes, if you file Chapter 7, it can discharge your debt, but technically you also will lose the home. However, with Chapter 13 bankruptcy, you can rework the mortgage, stop any coming foreclosure, and start paying on it in affordable installments. If you have other debts, you can pay on them as well.
Hire An Attorney
Hiring an attorney is perhaps the best advice of this article. You can at the least consult with one about your options. In Texas, there are many experienced bankruptcy lawyers who can help. Be sure they have experience in foreclosure, and if you want to file bankruptcy, be sure they're familiar with the laws.
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