Having to deal with creditors day in and day out is devastating. Especially when there is nothing you would like better than to be able to pay them and be over and done with them. It gets worse when they are not only threatening legal action, but have actually started the proceedings like a home foreclosure. The first thing you need to do is hire yourself a good Houston bankruptcy lawyer so immediate action can be taken to bring the foreclosure to a halt.
Saving Your Home
There may be a couple of options that can be taken to get you out of this trouble. It may be that you need to file for bankruptcy if none of the other options like loan modification is available to you. It may be that you have left your situation go too long and the foreclosure sale is eminent like within a few days. It is not too later however, as you can file for bankruptcy right now which will stop the sale.
A automatic stay will be put into effect immediately. This is like an injunction that won’t allow the mortgage holder to proceed or to continue trying to collect. The lender could also petition the courts to lift the stay so they can continue with their actions. This may be successful but it will stall the foreclosure proceedings. It will at least buy you some time to seek out other possible alternatives.
The foreclosure process is complicated, so having some time to explore options is invaluable. Your bankruptcy lawyer can explain the specifics of your options and help you make the best decision for your family.