512-464-1110 david@360networth.com

Many homeowners are unaware that very often lenders who foreclose on homes do so without the proper paperwork, and therefore illegally. Unfortunately, when this occurs, the homeowner must sue for wrongful foreclosure to get the house back. Texas is a non-judicial foreclosure state, which means that lenders may foreclose and take a property back without involving the courts.

The positive aspect of this is that foreclosure can be stopped dead in its tracks through a restraining order, bankruptcy, and other techniques. Of course, some of these processes involve an attorney, expenses, and may still be unsuccessful.

Congress has recently become aware that banks and mortgage companies are foreclosing on homes without following proper procedures. In fact, Bank of America and other banks halted foreclosures for a time to reexamine their procedures. The key issue is that loans are sold and re-sold along with the servicing rights and many times the foreclosing bank isn’t even entitled to foreclose because the transfer of owners wasn’t done correctly. Some people are still living in homes where they have not made a payment to their mortgage company in ten YEARS! Our firm does not advocate the use of maneuvers to avoid paying legitimate debts. Instead we advocate for consumers and educate them on their legal rights in Texas, because lack of information can be financially deadly. There are at least ten different ways to put a bank on hold. While restraining orders are good for one month, other techniques can be used to hold the bank off for much longer. For example, if you have a buyer a bank may agree (called a short sale) to take less than what is owed just to avoid the whole process and void having a foreclosure on your credit.

For more information contact an attorney or David Disraeli at 512-464-1110.