For El Paso families, a home is more than a financial investment. Homes are often imbued with memories and love, making it even harder to give up a home through the process of foreclosure. For many families, though, foreclosure seems like the only option when emergency bills or a loss of a job change income or expenses drastically.
Families who try to go through the foreclosure process on their own may overlook resources and help that could assist them in remaining in their home. Banks are not infallible, and mistakes in accounting do happen. Even in tough times, it could be possible to work with a bank to keep your home. Even if a lender is in the process of foreclosing on your home, it’s not too late. Our foreclosure page notes that defense options are available to homeowners in a variety of situations.
Before giving up, an experienced advocate can provide a number of options, including working to find alternative financing arrangements that works with a family’s budget while satisfying lender requirements. Legal assistance may involve reviewing mortgage records to ensure no errors were made as well as seeking options for loan modifications.
In some cases, saving the family home may not be possible. Simply turning everything over to a bank may not be the best course of action, though. A legal representative can help families work through short sale or foreclosure processes to ensure the best possible outcome from what may be an unpleasant task. Understanding your options and working to reduce the negative outcome of a foreclosure can help you move forward with a stronger future.
Source: The Law Offices of Victor H. Falvey, “El Paso Foreclosure Litigation Attorney” Sep. 12, 2014