El Paso Texas Foreclosure Help, Defense, Laws and Process

 


There is no greater accomplishment than being a home owner and with mortgage help this has become a reality to many. But sometimes, hard economic times can hit real hard and you suddenly find yourself unable to meet your financial obligations. When this happens and your home loan repayments become overdue and loan modification becomes impossible then being a homeowner becomes a living nightmare. Foreclosing on the property now becomes the only option. In El Paso, Texas, most foreclosures are settled in and out of court. It’s easier to foreclose properties here than in many states. The span of foreclosure here takes about only 3 months.

This article is designed to help you in the foreclosure process if you’re foreclosing and to help you prevent foreclosure if you are at great risk of it. You need to be made aware of your rights in order to know the options out there. Avoidance of foreclosure may be a reality but with the right kind of help any foreclosure situation can be easily resolved. They’re agencies in the state that help in this kind of situation. There is government assistance provided to those undergoing this kind of situation. When you’re facing foreclosure remember that time is the key factor. You need to know that acting fast will help you protect your rights.

If you’re falling behind on your house payments, be advised that as time passes thousands of dollars are being charged to the balance you owe and what’s worse, the legal fees for the foreclosure proceedings are also added to this balance. Therefore, you need to act as fast as possible. In El Paso, Texas, the foreclosure process is done after the property owner defaults payment and is issued with the letter that provides him with a grace period of 20 days to pay the defaulted amount. A second letter follows which states that the house is up for sale to recover the full amount due.

Stop Foreclosure in El Paso, Texas

In El Paso, Texas law dictates that there are two ways to foreclose property, the judicial and the non-judicial way. The Judicial process of foreclosure happens when there is no power-of-sale clause in the mortgage deed. The lender files a suit against you through his attorney in order to obtain a court order to foreclose your property and here, the foreclosure is then carried out by the court and is auctioned to the highest bidder.

El Paso, Texas foreclosure Process

The non-Judicial process of foreclosure occurs when you’ve authorized the lender to sell your property as payment of the balance in case of a default on the loan taken out. According to statistics majority of Americans go through foreclosure because of:

  • Bankruptcy. This may be due to divorce, medical crisis, death or job loss
  • Engaging in subprime mortgages. This is where one engages in falsifying their incomes and house appraisal inorder to attain generous loan amounts.
  • Lack of Smart budgeting or overspending above their means
  • Inflation in the country.

If you’re going through foreclosure, the following guidelines will make it smoother:

  • Contact the nearest government help, this could be a HUD counselor in your area, or any other Housing advice agency.
  • Inform your lender of your financial situation especially if you will default.
  • Make the court appearances in order to put up your defense to prevent the proceedings from going further.
  • Repair your credit especially if you already have bad credit scores and foreclosure has added another notch on that downward trend.