Know Your States Foreclosure Laws

Jan. 11, 2011 - PRLog -- Foreclosure Regulations - House Buyers Fort Worth TX: When you are in foreclosure or you think that you may be there soon, you may want to bury your head in the sand or just curl up in the closet and sleep until it’s all over. That’s not only not necessary, it’s possible that you can find a way out of it and either keep your house or at least sell it before the foreclosure takes place.

Every state has its own laws regarding foreclosure proceedings and how they are to be handled. When there is a default on a mortgage the lenders have rights and so do the homeowner/borrowers. Knowing what your rights are can make a big difference. The more you know about the procedure and the timelines the better you can act to remedy the situation.

If you still have an income and you can make ends meet but have just fallen behind, you might benefit from some of the refinance or modification programs that are available. Ask your lender first, as they sometimes have loan specialists in house that can help you to tweak your mortgage so the payments aren’t so high every month. A loan modification can be done through your lender or through the government program, HAMP, but the HAMP program can be difficult and time consuming.

Your state rules will depend on things like wording. If the state uses deeds instead of mortgages, for example, the lender may be able to foreclose on you without taking you to court to do so. The mortgage states are usually states that require the lender to file suit against you in court and get a judicial order to begin the foreclosure proceedings.It takes longer, of course, where a lawsuit must be filed and therefore you may have more time to act. The deeds of trust have a provision that allows the trustee, or lender, to send a notice before conducting the foreclosure sale.

The timeline and the rules will be important here because there is a chance for you to modify your loan but that takes time and particularly where the government program is concerned, the foreclosure continues on its timeline while you are waiting for the decision. That sometimes leaves little or no time for alternative action if you are denied the modified loan.With a little time left you may also be able to call an investor to buy your house for cash in a hurry. They do this regularly, and it takes about a week

Your Texas Home Buyers is a real estate investment company in Fort Worth and the surrounding suburbs of Tarrant County Texas.  Your Texas Home Buyers was established by John Pribble, a ten year veteran in the investing world as well as a Real Estate Broker.  Our expertise in the real estate business has been fine tuned through hundreds of transactions.  We deal with houses in all price ranges, both ugly and pretty, in all areas. http://www.YourTexasHomeBuyers.com

Contact us today at YourTexasHomeBuyers to sell your house fast!. http://www.YourTexasHomeBuyers.com

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Your Texas Home Buyers http://www.YourTexasHomeBuyers.com, is a real estate investment company in Fort Worth and the surrounding suburbs of Tarrant County Texas. We Buy Houses in all areas Fort Worth Texas area. http://www.YourTexasHomeBuyers.com