Handling Foreclosures and Repossessions in North Texas
If you’re receiving "past due" notices and calls from your bank, creditors, or paid collectors, you’re at risk of losing your home due to foreclosure. You may have already received a demand letter, along with an ultimatum to make payments within the next 30 days. Either way, now is the time to take initiative. To do so, you need an attorney who understands how foreclosure, banks, and creditors work — and more importantly, how to fight back.
Foreclosure is a frightening prospect. Within the bounds of foreclosure, the bank (or whoever controls your loan) uses physical force to seize your vehicle or home for resale. Most often, foreclosure occurs when homeowners miss enough mortgage payments to go into default. Foreclosure can also occur when other clauses and covenants of your mortgage agreement are breached. Most of the time, however, foreclosure occurs when homeowners fail to make payments on their mortgage. Every missed payment increases the possibility that the bank will take action, or pay someone else to do so.
Banks often make even more money on foreclosures than they do on typical mortgage loans. By seizing your home after you’ve already made months or years of payments, the lender sells once again at market value and turns a profit. Meaning, banks and other lenders will not slow down to consider your situation. Because of this challenge, you need an attorney in McKinney, TX you can trust.