July 13th, 2009 by Reed Allmand 
Homeowners facing foreclosure often work hard to save their homes, contacting the mortgage lender, sending in requested paperwork and waiting patiently for a response. But because of the current backlog faced by many mortgage lenders, homeowners facing foreclosure are also faced with a nerve-racking wait that could jeopardize their home. In judicial states like California, foreclosing on a home can take a lot of time. A California mortgage lender needs to go to court and foreclosure can take as much as six months; but in Texas, once a homeowner receives the foreclosure notice he/she has about 30 days to fight for their home. That’s why Texas homeowners facing foreclosure should speak with a bankruptcy attorney to find out what bankruptcy options are available to prevent foreclosure.
Both Chapter 7 and Chapter 13 bankruptcy can stop foreclosure. Once a debtor files bankruptcy the court issues an automatic stay which requires that all creditor efforts to collect from the debtor including foreclosure stop immediately. Once bankruptcy is filed, the debtor has time and the law on their side and can often gain concessions from the mortgage lender which can include mortgage modification. The debtor can also place the home in Chapter 13 bankruptcy and repay the delinquent mortgage payments over a period or 3 to 5 years. To find out more about bankruptcy contact a Dallas-Fort Worth bankruptcy attorney today.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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