The possibility of losing your home is a very stressful time in your life which often affects personal relationships and your health.

Mortgage companies can only foreclose in Texas on the first Tuesday of the month and must give you 21 days notice( by letter) before the 1st Tuesday. If you are posted for foreclosure, you will receive a multitude of letters from people who have purchased the foreclosure list including lawyers. Be cautious of something that sounds too good to be true because there are no easy solutions to these complicated problems.

 The Law Office of Holly Guelich can however stop the foreclosure!

DO NOT WAIT UNTIL THE DAY BEFORE FORECLOSURE TO CONTACT AN ATTORNEY.  Be careful about putting the solution in the hands of the mortgage company who could lead you on until the day before foreclosure and then not work out any modification to the loan. Be equally as cautious of those who contact you promising to buy your home and lease it back to you because many will try to take advantage of you.

Since I give a free consultation it is an excellent idea to know what your options are just in case you can't work things out so we can be prepared to protect you if you are unable to negotiate a solution to your problem with the lender.

If You want to keep your home but you are behind with the payments, you will probably be advised to file a Chapter 13 bankruptcy.

If you wish to surrender your home, you may be advised to file either a Chapter 7 or a Chapter 13 depending on your other financial circumstances.

There is no provision for getting caught up on house payments in a Chapter 7 bankruptcy filing, while the purpose of a Chapter 13 is to reorganize your financial situation and catch up those delinquent payments. You are not able to change your interest rate in a bankruptcy proceeding so if you are under an Adjustable Rate Mortgage there are no provisions that can lower your contractual payments. The plan can, however, cut a tax or insurance escrow shortage out and treat it over 3-5 years instead of jacking up your monthly payments for this year.

I have found that many mortgage companies are coming forward in both chapter 7 and chapter 13 bankruptcies and are offering to work out the mortgage problems more than ever. If you can afford your house, which is something we will discuss when we look at your budget, then we will look at your personal options.

Call Holly Guelich now!          Office: (214) 522-3669