STOP FORECLOSURE

1.       You can stay in your home for months or even years without making a mortgage payment

2.       Only 4% of all mortgage borrowers hire professional help to stop foreclosure

3.       Your lender will pay your past due real estate taxes for you

4.       You can actually skip catching up on your past due mortgage payments

5.       You can have late charges completely wiped out and forgiven

6.       That bankruptcy requires you to make your “FULL” house payment and even more

1.       They may have been overcharging you for years

2.       They may not be able to prove you owe them money

3.       They may not have the legal right to foreclose on your home

4.       They may have forged some of the mortgage documents in your case file

5.       They may be required to forgive principal balances on your loan

6.       They may be forced to modify your mortgage to terms you can afford
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Foreclosure Alternatives

Reinstatement

·         The borrower pays a lump sum equal to all past due amounts and legal feed to bring the mortgage current

Modification

The Steps in reducing your mortgage payment to avoid foreclosure

1.       Past due payments and real estate taxes are added to the balance and late fees are waived

2.       The interested rate is reduced in steps to as low as 2%

3.       The length of the mortgage is increased up to 40 years

4.       Principal is set aside in a suspense account with no interest or payments due

5.       Principal is forgiven

Forbearance

1.       The payment may be reduced for a short term

2.       Past due real estate taxes may be paid back over a 5 year schedule

3.       A repayment plane is worked out to help you catch up on back payments

Short Sale

1.       It is determined that only liquidation is realistic

2.       The property is valued

3.       The lender allow the sale of the home for less than is what is owned

4.       Lender pays all commission and cost of sale

5.       Negotiate the forgiving of the difference remaining

Deed-In-Lieu

1.       The borrower is permitted to deed the property back to the mortgage company

2.       Is only possible is there are no other liens outstanding against the home

Texas foreclosure law

1.       Judicial Foreclosure Available: Yes

2.       Non-Judicial Foreclosure Available: Yes

3.       Primary Security Instruments: Deed of Trust, Mortgage

4.       Timeline: Typically 60 days

5.       Right of Redemption: No

6.       Deficiency Judgments Allowed: Yes

Texas is a title theory state. The title to a home is held in trust until the mortgage note is paid in full. The Deed of Trust is used to transfer title to a trustee for holing. A mortgage note secures the loan with the property. In default the trustee may assign a substitute trustee, usually a foreclosure law firm, to prefect the foreclosure sale of the subject property. Only a non judicial foreclosure is required. The process is done outside of the courts unless protested by the borrower.

The requirements of this foreclosure process are:

1.       The lender send a demand notice to the borrower requiring payment of all past due amounts within 20 days

2.       After 20 days and at least 21 days before the foreclosure sale, notice must be filed with the clerk in the count the property is geographically located.

3.       A notice must be mailed to the borrower and all other lien holder that will be effected by the foreclosure

4.       A notice must be posted at the court house indication the time an place of the foreclosure sale

5.       The sale takes place the 1st Tuesday of the month between 10 Am- 4 PM

6.       The sale is conducted on the courthouse steps by the trustee or substitute trustee

7.       The home is sold to the highest bidder with the lender being given credit of the outstanding balance of the loan

Further requirement if the mortgage is an A6 “A Texas cash out loan”

1.       A court proceeding is required

2.       A complained is filed demanding the foreclosure

3.       A “lis pendence” is filed as notice to all of the coming foreclosure action