For Texans who are saddled with unpaid bills due to unemployment or some other personal circumstance, one of the biggest concerns they will have is whether or not their home will be foreclosed upon. Given the uncertain economy throughout the country, a vast number of people have been confronted with the reality of foreclosure. However, it is possible to stop foreclosure with help from an attorney.
Foreclosure cannot just happen overnight. There are rules that the mortgage companies must adhere to before starting the process. Those who are behind on their payments could face a mortgage company moving forward with a foreclosure, but there are rules to protect the homeowner. For example, the person must receive a written notice regarding the decision on the part of the company to initiate a foreclosure a minimum of 21 days before the foreclosure sale.
A foreclosure sale is held on the first Tuesday of every month. Because of that, the person who is concerned about a foreclosure must keep an eye out in the mail to see if he or she has fallen behind in making the necessary payments to remain current on the mortgage. If the debtor did not receive the correct notice, it might not be possible for the company to have a foreclosure sale.
If a foreclosure is moving forward, bankruptcy options are available to help a person retain their home and end harassment on the part of creditors as well as to stop the foreclosure. It can also prevent the repossession of other properties such as a car.
Those who are embroiled in a troublesome financial situation must make certain to protect their home from foreclosure and take the necessary steps to get back on better financial ground. The Law Office of Gordon Mosley helps people who need debt relief. Our firm’s website has information about various topics related to foreclosure and debt relief. Anyone in the Tyler area who is overwhelmed by mounting debts should research their legal options.