Unfortunately, more and more people throughout Texas are being faced with the possibility of losing their home. The struggling economy combined with a difficult job market has caused many hard-working families to fall behind on mortgage repayments. The reason you should make every effort to avoid a foreclosure is only because it is stressful and emotionally difficult for everyone involved, but because it would negatively affect your credit score.
Since you only recently received notice of a foreclosure, there are steps you could take to avoid it from actually happening. One option is to modify the terms of your mortgage. If the monthly payments are too high, spreading out the loan over a longer period of time could significantly help you. You could even talk to your lender regarding a special forbearance to see if put a hold on payments so that you can catch up. A pre-foreclosure sale is another way that you could avoid having your home foreclosed on. Even if your home is worth less than what is owed on it, the bank may accept the proceeds from selling your home and forgive the rest of your debt.
Another option is the deed-in-lieu of foreclosure, but this is usually used as a last resort. A deed-in-lieu involves giving over the deed of your home to the bank voluntarily. The reason this is more desirable than a foreclosure is that your credit score will not be as damaged. So that we can look more closely into the details of your case, please contact a foreclosure defense lawyer from our team at the Maida Law Firm, P.C. We have over 87 years of combined experience in handling foreclosure cases!