How to Avoid Foreclosure And Keep Your Home

How to Avoid Foreclosure And Keep Your Home "The most common method of foreclosure in Texas is known as non-judicial foreclosure. This form of foreclosure does not require court involvement. Upon initial execution, a deed of trust typically includes a provision known as a power of sale clause, which, in the event of default, authorizes the trustee to sell the property to satisfy the underlying defaulted loan. The trustee functions as the lender's representative to conduct the sale, which is typically conducted as an auction. The filing of a bankruptcy petition by the mortgage debtor halts this sale.For the majority of Texans, their residence is the most expensive and valuable asset they own. It is not surprising that many Texans are filing for bankruptcy to prevent foreclosure on their residences. As soon as a bankruptcy petition is filed, all collection efforts must cease immediately. This includes not only foreclosure proceedings, but also attempts to collect on mortgage loan default. Additionally, the homeowner's unsecured debt will be discharged, freeing up income to catch up on a mortgage and return to positive equity.Increasing numbers of individuals are seeking the assistance of a Fort Worth bankruptcy attorney to prevent foreclosure. You can save your property and get back on track financially by filing for bankruptcy. Whether you are perilously close to receiving your first notice or have already begun to receive them, a bankruptcy attorney in Fort Worth can assist you. A bankruptcy attorney can determine whether filing for bankruptcy is an option for you to halt the foreclosure process and give you the time you need to become current on your mortgage by analyzing your current financial situation and anticipated income.While many people file for Chapter 7 bankruptcy in order to eliminate their debts, this may require them to liquidate or surrender certain assets. Chapter 13 bankruptcy allows you to restructure your debts while retaining your assets, such as your residence. If you are forced to undergo foreclosure proceedings, you may lose your residence and still owe the mortgage company money. In the event of a foreclosure, the mortgage company may issue a 1099 report of unspecified income to the IRS, requiring you to report debt forgiveness as income. The mortgage holder may pursue a deficiency judgment against you if your home's foreclosure sale price is less than the loan's payoff. A judgment can remain on file for ten years and be renewed for an additional ten years. Even if you decide not to retain your home, I can assist you in preventing these outcomes from occurring.
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