Texans who are facing significant consumer debt often find themselves confronted with the reality of foreclosed homes. This can be a difficult time for those whose debts have grown so large that they are not able to meet their payment obligations. There can be many reasons for this — a failed business, medical expenses, unexpected job loss and more. Regardless of how it happened, it is important that those who are dealing with this understand their rights can be protected under the law.
Just as there are laws and rules that consumers have to follow, the mortgage companies also have procedures they must adhere to. People who have become overdue on making their payments will often be threatened with foreclosure. That individual might not be fully aware of how that works. For example, there must be a written notice provided regarding foreclosure and it must be done a minimum of 21 days before the sale begins.
All foreclosure sales are done on the first Tuesday of every month. With that in mind, a debtor needs to be cognizant of what arrives in the mail when falling behind on payments. There are instances in which a homeowner has not been provided with notice that the foreclosure is imminent. It is then that legal help is necessary to provide various protections from the possibility of foreclosure. Numerous options such as Chapter 7 and Chapter 13 bankruptcies are available to debtors to immediately stop creditors from harassing behaviors. Included in this is stopping a foreclosure. Other properties such as a motor vehicle, a boat and various assets can also be protected by using these legal alternatives.
It must be remembered that a bankruptcy filing or other legal tools for protecting oneself cannot promise that all property will be safe from foreclosure and repossession, but having legal assistance can help with getting organized and forming a plan to get back on stronger financial footing. Those who are considering a bankruptcy proceeding need to have a full grasp on the debtor protections regarding foreclosure. Speaking to an attorney — like those at our law firm — can provide guidance as to the next step to handle overwhelming consumer debt and foreclosure.