Texas Foreclosure Defense Lawyer
At Risk of Losing Your Home? Start Fighting Back!
If you have fallen behind on your mortgage payments, it would be wise to speak with a foreclosure defense lawyer at Allmand Law Firm, PLLC as soon as possible. Attorney Allmand has a rating of “Superb” on Avvo and a reputation for effective, knowledgeable advocacy.
We can help you understand your options so that you can regain control of your financial future and make the right decisions for you and your family.
Call our office today at (214) 884-4020 to learn more about your options by speaking with a Texas Bankruptcy Attorney.
What Is Foreclosure?
Foreclosure is a legal process that occurs when you fall behind on payments for a mortgaged property. The end result is that the lender takes possession of the property from the debtor. When foreclosure begins depends on the details of your mortgage contract. However, it often takes several months for a bank or other lender to foreclose on a property.
When you fall behind on mortgage payments, it’s important to contact a foreclosure defense lawyer to find out your options. If you deal with the situation proactively, you may be able to avoid foreclosure altogether. However, if the process has already started, an attorney can stand by your side and help you navigate the legal aspects while you focus on maintaining your life outside of the foreclosure.
What to Do to Protect Your Home
Simply ignoring foreclosure notices will not make the problem go away. It is important to take action in a timely manner. Our bankruptcy lawyers at Allmand Law Firm, PLLC, can provide you with valuable advice tailored to your situation.
When you work with Allmand Law Firm, PLLC, we can help you:
- Put a stop to foreclosure proceedings
- Protect your credit history
- End your mortgage on good terms
- Look into deficiency judgments
- Protect you against potential tax obligations
- Attempt to lessen your unsecured debts
Attorney Reed Allmand is certified in consumer bankruptcy by the Texas Board of Legal Specialization. Take advantage of his specialized and proven knowledge today.
Common Foreclosure Defense Methods
When you are served with a foreclosure complaint, you have many options in response. A foreclosure defense attorney can help you weigh your options and make the best decisions in your situation. You may be confused about all of the foreclosure defense methods that you have seen. It’s important to know that each step in the process should be evaluated before deciding what option is best for you.
Chapter 13 bankruptcy, short sales, and “deed in lieu of foreclosure” are three potential foreclosure defense methods. Filing Chapter 13 bankruptcy puts an immediate stay on foreclosure proceedings. Additionally, it allows you to reorganize your debt into manageable payments that can be executed over three to five years. If you are willing to walk away from your home, a short sale or deed in lieu of foreclosure may be viable options.
We discuss foreclosure defense methods below:
Filing Bankruptcy
When you file bankruptcy, an automatic stay gets put into place. This will immediately put foreclosure actions on hold while you sort out your finances through the bankruptcy court. You may choose to file Chapter 7, Chapter 13, or another form of bankruptcy. However, an automatic stay applies right when you file your bankruptcy petition.
Chapter 7 bankruptcy will allow you to liquidate most of your debts and eliminate financial problems. However, you may still be able to keep your home, even if it is in foreclosure. A skilled bankruptcy defense lawyer can explain how Chapter 7 will work for you.
Chapter 13 bankruptcy will provide you with a path to reorganize your debts into manageable payments that can be executed over three to five years. Your mortgage may be included or excluded from your bankruptcy estate, depending on state and federal laws. However, by reorganizing your other debts, you may be able to better manage your mortgage.
When deciding between Chapter 7 and Chapter 13, you must consider your income, assets, and the benefits you may obtain from both types of bankruptcy. A skilled foreclosure defense lawyer can help you understand which type of bankruptcy is right for you and how it will impact your foreclosure.
Short Sales or Deed in Lieu of Foreclosure
If you are willing to walk away from your home, a short sale or “deed in lieu of foreclosure” may be viable options. This would involve selling your home to pay as much as possible on the mortgage or giving your deed to the lender instead of them pursuing foreclosure. Both options involve relinquishing ownership of your home. If you want to keep your home, a skilled foreclosure defense lawyer can help you with that as well.
Modification of Mortgage
If you are behind on your payments, your lender may be open to a modification of your mortgage. This is especially true if you have made many payments on the mortgage or your interest rate is exceptionally high. You may be able to extend payments, reduce your payment amount, or reduce your interest rate. Often, lenders will not negotiate with a debtor. However, a foreclosure defense lawyer can talk to your mortgage management agency and work to find a solution that is best for you.
Mediation in Foreclosure Defense
Many home contracts include a mediation clause. You and your lender may be required to seek mediation instead of taking situations to court. If you are behind on your payments, you may be able to opt for mediation of the situation instead of going to court. Allmand Law Firm, PLLC will evaluate your mortgage contract and determine if your lender is providing you with all of your legal options under the law.
Dual Tracking
If you request a modification of your loan and the lender continues the foreclosure process while also considering that modification, they may be practicing “dual tracking.” In most cases, you are protected against dual tracking by state and federal laws. However, if you suspect that your lender is dual tracking, you should consult with a foreclosure defense lawyer who can address the situation immediately. We will assess the situation and take a stand for your rights against dual tracking activities by lenders.
Call Allmand Law Firm, PLLC for Foreclosure Defense Help
If you have been notified of a foreclosure, or you are simply behind on your mortgage payments, you need a bankruptcy attorney with extensive experience working with clients to fight back against creditors who are trying to take their homes. We understand what your house, farm, and other real property mean to you. Let us protect what is yours through effective foreclosure defense.
Discuss your situation with our firm to find out which solution is right for you. Contact Allmand Law Firm, PLLC today at (214) 884-4020 for a free case evaluation.
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