Losing your home (or even the threat of losing your home) is one of the most stressful and painful events you can face in your entire lifetime. The fear and confusion are typically magnified because terminology is unfamiliar and you typically cannot talk to friends or family about your situation.
In today’s post-COVID landscape, the question we hear most often from potential clients is “How do you stop foreclosure?” The experienced bankruptcy attorneys at Rubin & Associates have three decades of experience helping Frisco-area residents keep their homes. One unexpected bump in the road can be enough to send your finances into an out-of-control spiral. You’re not alone – we’ve helped thousands of DFW-area residents keep their homes.
Our attorneys are some of the best trained and most experienced bankruptcy and foreclosure lawyers in Frisco. We know exactly how to help our clients deal with delinquent mortgages, tax liens, and even lawsuits over unpaid debts.
What is foreclosure?
Foreclosure is a legal term that refers to the process through which a creditor who owns the mortgage on your property seeks to sell it to settle or repay past-due obligations. In simple terms, it means that if someone is behind on mortgage payments, your mortgage company will take your house back if you are unable make your payments.
It’s exactly like getting a car repossessed – but instead of losing your car, you lose your house.
The most typical reason for foreclosure is noncompliance with the conditions of a promissory note. When you fail to make the payments you agreed to make on your house, you lose ownership of your property. A foreclosure will likely also harm your future credit eligibility.
How do foreclosures happen in Frisco
In Texas, the principal foreclosure technique is referred to as “non-judicial foreclosure” – which means a judge does not have to be involved. This sort of foreclosure does require notification of intent to foreclose, known as an election to foreclose. When the trust deed is originally signed, it will often include a provision known as a power of sale clause, which empowers the trustee to sell the property to settle the underlying defaulted debt in the event of default (which means if you don’t pay, they can take your house and sell it to recoup their losses).
A Public Trustee serves as the lender’s agent in effecting the sale, normally conducted at a public auction. Since this is a non-judicial remedy, extremely strict notification requirements apply, and legal papers must include the power of sale wording to employ this kind of foreclosure.
How can a foreclosure lawyer in Frisco help?
After talking with you to gather the details about your financial situation, we will explain all available options for you and your family. Every situation is unique – and your situation will not necessarily require bankruptcy. We will help you understand the differences between debt restructuring, debt settlement, foreclosure, or bankruptcy. In many situations, a Chapter 13 bankruptcy is typically the best option for homeowners who are underwater on both their main and secondary mortgages. In certain situations, a good bankruptcy plan may eliminate the second debt, enabling the homeowner to maintain their house and get back on track financially.
Our lawyers have years of experience in foreclosure law and know how to help you get out of debt and into a healthier financial future. With skilled and compassionate foreclosure defense working for you, you will have peace of mind knowing that a new beginning is just around the corner.
Rubin & Associates can help you keep your house
If you’re in foreclosure (or know that it’s coming soon) and need help, contact the foreclosure attorneys at Rubin & Associates today and set up a free consultation! Foreclosure can be difficult to navigate, especially when you are feeling deprived of your rights and overwhelmed. If you are in foreclosure, don’t hesitate to get in touch with our experienced and knowledgeable foreclosure attorneys for assistance today. You may be eligible for some protections, help with the foreclosure process, or other options that could have a significant impact on your life and property. Let us protect you. Contact our Frisco bankruptcy law firm before this situation gets any worse.