Houston Foreclosure Lawyer
In Texas and throughout the entire United States, foreclosures are at an all-time high due to the instability of the real estate market and entire economy. Favorable interest rates and mortgages that seemed like great investments at the time, have now soured, leaving individuals and families with mortgages they cannot afford. They are now facing the foreclosure of their homes or business properties.
If you have received a notice of foreclosure, contact our staff at Alan R. Scheinthal, Attorney at Law in Houston as soon as possible. Our firm helps individuals, families and businesses deal with the foreclosures. We understand the state and federal laws that regulate mortgages and foreclosures. Using our experience, we can explain your rights and options for dealing with the potential foreclosure of your home or business.
Below are some of the ways a foreclosure may be avoided. To discuss these further with an experienced attorney at our office, contact us today.
One recent development in dealing with foreclosures is loan modification. This is a process where we can work with your bank or lender to determine if the terms of your loan can be modified. If an agreement can be reached, a loan modification may allow you to retain your home while still paying on the loan that you have taken out. The terms of the loan may be extended, for example, going from 15 years to 30 years. Or your interest rate may be changed from adjustable (in cases of adjustable rate mortgages [ARMs]) to fixed. There are many other modifications that may be made to ensure that you meet the lender’s expectation of payment while keeping your home or business.
It is possible to stop a foreclosure by filing for Chapter 13 bankruptcy. Foreclosure may only be stopped and your house protected by a Chapter 13; a Chapter 7 bankruptcy generally will only postpone a foreclosure, so it is important to consult with an attorney before moving filing any bankruptcy. By enlisting our help with a Chapter 13, we can work to develop a Chapter 13 plan you can afford and avoid dismissal by the Trustee for failure to make plan payments
A short sale is used to prevent a foreclosure. Through this process, a lender or bank agrees to reduce the balance of a loan due to hardship on the part of the borrower. This is often conducted when a lender views the short sale as resulting in smaller financial loss than a foreclosure. We also represent clients in cases involving the collection of deficiency.
It is important to note that not all foreclosures can be prevented. Our firm goes to great lengths to help clients stop foreclosure whenever possible. However, we may not be able to prevent it and will advise you on alternative courses of action.
Contact a foreclosure lawyer at Alan R. Scheinthal, Attorney at Law in Houston, Texas, today to learn more about our firm and the services that we offer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.