Houston Foreclosure Attorney

Are you behind on your mortgage payments?  Have you recently received a notice of foreclosure regarding your home?  Have you attempted a loan modificaiton and been denied?  If you are having trouble with your mortgage, it is critical to understand the foreclosure process and its ramifications on you and your family. 

Foreclosure is a serious legal action that can force you out of your home.  If you are facing foreclosure, it is imperative that you contact my office today.  The Law Office of Nicholas R. Westbrook  can help.  My firm has the experience and dedication to protect you and your home from this unfortunate situation.  As a Houston Bankruptcy attorney, I can help you avoid foreclosure and save your home.  For a FREE consultation to discuss your situation, please call (713) 893-6204.  You can also send an Email or complete the Free Case Evaluation.  I look forward to assisting you during this difficult time.  Stop letting debt ruin your life.

FORECLOSURE OVERVIEW

When you purchased or re-financed your home, your lender obtained an interest in the property to secure the loan.  This interest created a lien against the property.  If you are failing to make payments on the mortgage, the lender can exercise its security interest and repossess the property.  In some cases, you may be permitted to repay the debt and keep the home.  This is known as your "equitable right of redemption."  However, lenders typically defeat this action by initiating a legal proceeding known as "foreclosure" where the lender is permitted to accelerate the loan and repossess the home.  Once a foreclosure occurs, and the home is sold at auction, there is nothing you can do (unless the foreclosure was invalid for some reason).  Other lien holders, such as taxing authorities and homeowner associations, can also foreclose against your property. 

Once the lender, or other secured lien holder, initiates the foreclosure process, it can ultimately repossess your home and force you to leave.  After repossession, the lender can force a sale of the property and keep the proceeds to pay off the mortgage and associated legal costs.

There are numerous ways to attack a pending foreclosure, as described below. Unfortunately, time is not on your side when the lender elects to foreclose.  If you have received a notice of foreclosure from your mortgage company, home owners association, or taxing authority, it is critical that you contact my office today.  My office can help you avoid foreclosure and save your home.  This is  typically done through Chapter 13 Bankruptcy.

TYPES OF FORECLOSURE

There are two types of foreclosures -- judicial and non-judicial.  A judicial foreclosure occurs when the lender or lien holder files a lawsuit to take possession of the property.  These foreclosures take several months to complete.  A non-judicial foreclosure occurs when the homeowner defaults on the mortgage and the lender accelerates the loan.  After the lender files its notice of foreclosure, the foreclosure process can be completed in very little time. 

Unfortunately, Texas allows for non-judicial foreclosures.  As such, Texas residents can lose their homes quickly -- sometimes within 30 days of a missed payment.  If you are facing foreclosure in Texas, the time to act is NOW.  Call me today.  I will review your situation and determine whether Chapter 13 Bankruptcycan help you avoid foreclosure and get you current with the mortgage going forward.

FORECLOSURES CONTINUE TO INCREASE

It's no secret that our economy is suffering right now.  You may have heard of the mortgage crisis, which has contributed to this decline in the economy.  This crisis began several years ago when interest rates were very low.  At that time, mortgage companies began offering great deals with creative financing.  This creative financing included adjustable-rate mortgages where the interest rate started low for several months but then increased steadily over time. 

Unfortunately, many homeowners were caught off guard by the increased interest rates and mortgage payments, as most lenders failed to properly explain how these creative mortgage loans actually work.  Because of these horrible loans and other economic factors, more and more homeowners are facing foreclosure than ever before.
 
Mortgage companies have also become more aggressive when it comes to home insurance and property taxes.  If you fail to make timely payments for these items, your lender may pay these for you (sometimes without giving you notice), which can drastically increase your monthly payment. 

A number of my clients have faced this situation.  To help them catch up on the arrears and stay current with the ongoing payment, many of them have chosen to file Chapter 13with my office.  Chapter 13allows you to keep your home, even if you are behind on payments, and catch up over a five year re-payment plan.  To learn more about Chapter 13 and avoiding home foreclosure, please contact me today.  I can help

FORECLOSURE AND LOAN MODIFICATIONS

Over the last couple of years, the mortgage industry has promoted numerous loan modification programs.  The government has also stepped in to help with this movement (known as the Making Home Affordable Program).  I have met with hundreds of homeowners facing foreclosure.  Most of them submitted paperwork to their respective mortgage company, only to be turned down several months later.  Although some people are lucky enough to get a modification, most of the programs are short term or provide little relief.   

Mortgage companies are in business to make money.  Foreclosures help these companies recoup some of their losses when a buyer defaults on a loan.  In my experience, the lenders would rather foreclose than modify the loan.  It makes little sense, but that is the recent trend among the majority of mortgage companies.  

STOPPING FORECLOSURE THROUGH BANKRUPTCY

In some cases, there is no time to initiate the loss mitigation options.  When time is no longer on your side, and you need a guaranteed way to stop foreclosure, Chapter 13 Bankruptcy is the best solution.   Chapter 13 Bankruptcy provides an "automatic stay," which stays or halts all collection efforts by your creditors, including home foreclosure.  When you file for Chapter 13 Bankruptcy, your mortgage company will be forced to remove its scheduled foreclosure sale of your home from the foreclosure docket. 

For example, if you were six months delinquent on a mortgage note with payments of approximately $1,000.00 per month, you could file a Chapter 13 Bankruptcy and pay back the delinquency over a three to five year payment plan.  During this time, your mortgage company could not initiate any collection activities against you, including foreclosure.  If you satisfied the other requirements of your Chapter 13 Bankruptcy plan, you would keep your home and also have a clean state moving forward.

SAVE YOUR HOME FROM FORECLOSURE -- CALL TODAY

Foreclosure is a serious legal action that could dramatically affect you and your home.  As a Houston foreclosure attorney, I will work diligently to save your home and resolve the problems with your mortgage.  There is no reason to lose your home during a financial crisis.  I understand that bad things happen to good people.  With my legal assistance, you can bounce back from your dilemma and avoid the loss of your home.  To maintain possession of your home and avoid foreclosure, please call my office at (713) 893-6204.  You may also contact me through  Email or complete the Free Case Evaluation. The Law Office of Nicholas R. Westbrook is here to assist you.  The road to financial freedom starts here.

3730 Kirby Drive #1200, Houston, TX 77098 (713) 893-6204  ‎ Google Reviews |  Website |  Directions