Foreclosure Defense

rockywaters

A STEADY HAND THROUGH LIFE’S TROUBLED WATERS…..

“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.”- Martin Luther King Jr.

YOU DON’T HAVE TO LOSE YOUR HOME!

The first step is to develop a strategy to protect your interest in your home.  Time is working against you and you need the services of a competent professional to act quickly to prevent foreclosure. Texas demands strict compliance with the requirements of the Texas Property Code and the Texas Constitution from lenders attempting to foreclose on your property.

You have rights when it comes to foreclosure!  Did you know:

*       THE LENDER MAY HAVE ENGAGED IN UNETHICAL OR IMPROPER PRACTICES IN FORECLOSING YOUR LOAN

In late 2010, over 40 state attorneys general began investigating foreclosure abuse, epitomized by high-profile cases of “robo-signing’’ — cases in which lenders foreclosed on forged or un-reviewed documents. In early January 2013, federal regulators reached an $8.5 billion settlement to resolve claims of foreclosure abuses that included flawed paperwork used in foreclosures and bungled loan modifications by 10 major lenders. About $3.3 billion of that settlement amount will go toward borrowers who went through foreclosure in 2009 and 2010, while $5.2 billion will address other assistance to troubled borrowers, including loan modifications and reductions of principal balances. Eligible homeowners could get up to $125,000 in compensation.

*       THE LENDER MAY NOT HAVE THE RIGHT TO FORECLOSE ON YOUR PROPERTY

Most lenders don’t retain your loan.  They transfer control or ownership of the note to another lender known as a “servicer”.  Many of these servicers fail to comply with the requirements of Texas law.  Other servicers fail to maintain the proper chain of title to establish they are the proper party to foreclose on the note or to exercise the power of sale.  Finally, many lenders use the services of the Mortgage Electronic Registration System also known as “MERS” to serve as repository.  Many judges are challenging the ability of MERS to represent the lender in a foreclosure action.

*     THERE ARE ALTERNATIVES TO LOSING YOUR HOME.  POSSIBLE  OPTIONS INCLUDE:

  • Deed in Lieu of Foreclosure
  • Short Sale
  • Modification
  • Forbearance
  • Bankruptcy

*     MANY LENDERS ARE INCREASINGLY WILLING TO MEDIATE A FORECLOSURE

Foreclosure mediation affords the borrower the opportunity to meet face to face with a representative of the lender and discuss with a neutral, third-party mediator, who is well-versed in real estate law.  While foreclosure mediation is not guaranteed to stop the foreclosure process, it allows the borrower to work with the lender in order to keep their home. In truth, most lenders are not equipped to own, maintain and market homes in the current housing market.  A mediation attorney can help borrowers and lenders come to an agreement, facilitating the possibility of past debts being paid — a win-win scenario for both parties. A mediation attorney can also help the lender and homeowner create a plan to avoid default in the future, saving the homeowner from experiencing foreclosure altogether.