The major economic downturn that has been labeled the Great Recession of America occurred in conjunction with a collapse in the housing market. Subsequently slow in recovery, the housing market has only recently begun to heat back up, but has shown signs of sputtering even yet now. This recession caused a harsh, unforgiving climate in the U.S. economy. For this reason, there are millions of homeowners facing foreclosure in unprecedented amounts, forcing families, individuals and small businesses into serious economic struggles. While the real estate market shows signs that it is headed for improvement, the rate of foreclosures continues to be an unfortunate reality for many Arlington, Lewisville, Fort Worth, Dallas and DFW metroplex homeowners. If you are dealing with the pressure that comes from being several months or more behind on your mortgage, we would like to discuss with you your options in foreclosure prevention.
Weighing Available Choices
Your options to fight foreclosure depend largely on what your current economic situation is in your household. If you are out of work and do not foresee an immediate return ot the workplace, then your options will differ from those of someone who has faced temporary under or unemployment and has been able to secure steady ongoing work. If you want to stay in your home, we are prepared to do all that we can to help you accomplish this deep-rooted desire to remain in our home. Your Arlington foreclosure attorney will discuss your options with you and you can be sure that the situation will not be sugar coated, but the goal is to provide you with real hope and real options to get the best outcome possible for you and your family and your home.
When you come to our law firm, you work closely beside you and listen carefully to your unique situation. The legal team at our office can get a better idea of the situation you are dealing with as well as the tailored solutions that can be implemented to solve the financial problems you are facing. For example, if you desire deeply to protect your house from foreclosure and remain in the home long-term, we can help you find out if this goal is within your financial reach as well as determining the necessary steps to achieve this objective.
The Bankruptcy Automatic Stay Blocks Foreclosure Permanently or Temporarily
The automatic stay is issued by the court when a bankruptcy is filed, which provides time as well as breathing room regarding funds in order for a mortgage to be brought current. In some cases, the automatic stay opens negotiations with a bank regarding mortgage modifications or loan workouts. However, many cases involve a situation where the homeowner has tried for months, or even years to obtain a loan modification and has been unsuccessful. This often results in the homeowner feeling jaded by the lack of response by the bank. In some cases, the modification was encouraged by the mortgage company in order for lender to obtain government funding.
As Temporary Solution, Bankruptcy Buys Time
If ultimate foreclosure appears imminent, and the prospect of resuming and affording the monthly payment moving forward are simply not an option, a chapter 7 bankruptcy could buy the homeowner time to remain in their home while gathering funds to be able to move forward. We seek to vet all options so that we can be sure that options do not exist which would allow you to keep the home permanently. If it appears that foreclosure prevention options are not viable, then foreclosure alternatives can be explored, such as deed-in-lieu of foreclosure or short sale. Lenders also offer cash-for-keys in which they will assist in the cost of relocation. The credit repercussions of a standard foreclosure tend to be some of the worst, and some of these other options will buy you enough time to allow you to sell the home or do something that will hurt you the least financially in the long run.
Working with an Attorney to Achive Your Goals
Our law firm is built upon the foundation of stopping foreclosure. We realize that the people who call us are placing a great deal of trust in our firm to offer the most helpful and best possible legal advice for the situation. We know that your livelihood, your home, your belongings and your financial future hang in the balance and we want to provide the best possible outcome in assisting you. Being aware of these issues motivates us as a law firm of bankruptcy attorneys such that we work extremely hard and operate meticulously in the handling of important details to help you with your home and your finances. Foreclosure proceedings are deeply troubling by nature, and our office will do all that we can in our legal power for your sake.
Call to Learn More
Should you desire to learn about foreclosure options which are best suited for your situation, our team is standing by and will be happy to discuss options with your about saving your home or another best case scenario for your situation. Call us today!