What happens if I can't afford the payments for a loan modification?

If you cannot afford the payments for a loan modification in Texas, then you may face a foreclosure action. Foreclosure is the legal process where a lender attempts to take ownership and possession of a property when the homeowner has defaulted on the mortgage payments. Foreclosure defense law in Texas is available to help individuals facing foreclosure, though it is typically best to hire a lawyer for assistance. A foreclosure defense attorney can work to delay the foreclosure process and possibly negotiate a loan modification with your lender, so that you can remain in your home. If a loan modification is not an option, a foreclosure defense lawyer might be able to help you consider other options, such as a loan refinance or a short sale. With a loan refinance, you will need to apply for a new loan, which can be difficult to do if you already have a large amount of debt. In a short sale, the lender agrees to accept less money than you owe. No matter what option you choose, it’s important to understand that not all lenders are willing to negotiate. You should also be aware that foreclosure is a legal process and that you should not try to handle it without the help of a lawyer. An experienced foreclosure defense attorney can provide you with guidance and advice, so that you can make the best decision for your situation.

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What happens if I can't afford the payments for a loan modification?

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