After the housing crash and Great Recession that started in 2008, many people in Texas lost their homes due to a foreclosure. However, a significant number of other individuals were able to hold onto their homes as a result of loan modifications and other breaks from both the government and private lenders, but many breaks are set to expire in 2016.
When they expire, another wave of foreclosures is expected. There are some ways that people can help avoid a foreclosure, including determining if they can make the minimum payment needed to keep their home and to see if they can’t negotiate with a bank. In some cases, people only need to catch up on a payment or two to be able to keep their home. Finding out the exact amount required to be able to stay in a home can help people determine if they could arrange to borrow the money.
It’s also important to note that banks do not generally come out on top when they foreclose on a home. In many cases, lenders end up losing tens of thousands of dollars when a home is foreclosed on. While this is not always the case, people may be able to get in touch with their bank and work out an arrangement that allows them to keep their home, even after receiving a foreclosure notice.
People who are facing a mortgage foreclosure should not necessarily rely on information from a bank, however. Lenders may not have their borrowers’ best interests at heart, and they may also not be providing a person with accurate information. A lawyer can often describe the available strategies that can allow a client to avoid the foreclosure process.