The Facts on Foreclosure

Foreclosed HomeForeclosures in Texas in 2012 occurred at the rate of one for every 213 houses, according to the Real Estate Center at Texas A&M University. RealtyTrac® reported over two million foreclosures nationwide for the same period, an average of one for every 72 houses. While the rate in Texas is more positive than it is in the nation, statistics mean little to someone who is facing foreclosure.

Difficult financial circumstances in the economic downturn caused many homeowners to forfeit their homes. Successful foreclosure defense require immediate action to preserve rights that are available to you as a homeowner.

Alternatives to Consider

An Arlington bankruptcy attorney may help you find alternatives to losing your home. Some options that other homeowners have considered include:

  • loan modification
  • reinstatement
  • refinance

Each situation is unique, and yours may have special circumstances. In some cases, filing for bankruptcy can stop the foreclosure process. Loan modification changes some of the terms to make a loan easier to pay, and reinstatement is an outcome of catching up on back payments and fees.

The laws governing finance, real estate, and foreclosure are complicated, and they are especially important to you now. Foreclosure proceedings are frightening and risky unless you have solid, legal representation. The attorneys at the Law Offices of David Kohm can help you select the best option from the many that are available to you.

Value of Aggressive Representation

Hoping for an understanding lender who does not want to initiate foreclosure proceedings is a waste of time. Lenders are in business to make money, and your late or missing payments on your loan get their full attention. In fact, your lender can start foreclosure on your property without court proceedings.

With so much on the line, including the possibility of losing the home you’ve worked hard to own, you need to take steps immediately to contact an Arlington bankruptcy attorney if you’re facing foreclosure. Call the Law Offices of David Kohm at 817-204-0900 for aggressive legal representation.

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