Foreclosure lawsuits can feel complicated. If you’ve been served a foreclosure lawsuit in Corpus Christie, it’s best to consult a lawyer to know your options. There are chances you can get by without having your property foreclosed. Your lawyers can help you strategically in this matter.
How do foreclosure lawsuits work? Let’s find out.
What Is A Foreclosure Lawsuit and Why Am I Served One?
Investopedia notes if you’re late on your mortgage payment, your servicer is entitled to wait for a maximum of 120 days. For 120 days, if you still lack behind on your mortgage payments, your servicer may send you a breach letter labeling you as a defaulter. If you do not complete your payments within 30 days, your servicer can file a foreclosure lawsuit.
If you’re in Texas and your servicer files a foreclosure lawsuit in Corpus Christi, they will suggest the court sell the house to pay the deficit. However, in a foreclosure lawsuit, the servicer must reason why the court should accept their stance.
The court can accept the servicer’s reasoning. The court will turn to your side if you have a defense to justify your side of the story. This is why you must seek the help of a credible lawyer who can fight your case for you.
There’s a But…
However, if you’re served a foreclosure lawsuit in Texas if your equity is exempted, you can rightfully keep your house and continue paying monthly installments.
If you’re behind on your payments, such as the 120-day action, you can also file for Chapter 13 bankruptcy and continue to repay over three to five years. This way, you avoid foreclosure and get space to breathe.
It is important to note that these discussions best converse with genuine and capable lawyers.
How Does Foreclosure Witness Completion?
As far as a foreclosure process is concerned, three simple steps lead to a foreclosure process following through successfully:
- Default Notice
Servicers must inform debtors that they have a specific period to repay their debts. Different types of loans require different periods for settlement.
- Sale Filing Notice
For foreclosure to occur, the law requires a 21-day notice, at the very least. The timeline begins when the notice has been mailed, not when the receiver gets it. If you do not collect the mail or collect it later, the foreclosure sale will not be affected.
- Foreclosure Sale
At the foreclosure sale, you can buy back your property if it is not being sold to a governmental representative or a tax lender.
Key Takeaways
Conclusively, foreclosure lawsuits can be tackled if a capable lawyer works on your defense. This is why you have to ensure if you are faced with a foreclosure lawsuit in Corpus Christie, it’s best to seek help from a debt relief law firm in TX to know your options. Schedule a consultation with a respective lawyer to authentically understand your situation at an honest spectrum.
