Owning a home in Dallas Fort Worth Area is a fantastic investment that pays off handsomely. It is, nevertheless, a serious obligation.
Homeowners may face foreclosure if the monthly mortgage is not paid, which results in the loss of their home. If you’re considering purchasing a house in Dallas Fort Worth Area, you should be aware of the necessity of staying on top of the expenses that, if not paid, could lead to foreclosure.
Foreclosure is the legal process of seizing ownership of someone’s property and, in most situations, selling it to pay off a debt. Foreclosure is not a pleasant experience. Just remember that it isn’t the end of the world.
One way of stopping foreclosure temporarily in Dallas Fort Worth area when a homeowner does not like to declare bankruptcy, is filing a Temporary Restraining Order.
A TRO is a court order issued on behalf of a homeowner against their lender by an attorney. In most circumstances, it will result in a 30-day delay in a foreclosure auction — which may allow a homeowner ample time to sell their house using other methods or catch up on payments. TROs are a legal specialty; if you need to use this strategy, you should have an attorney who specializes in this area.
A TRO’s advantage is that it can be done at the last minute, just before the lender auctions off the home. The auction is halted or invalidated after the TRO is filed, and the lender must wait for the TRO to be lifted before proceeding.
The disadvantage to filing a TRO is that it costs money and is only a temporary delay.
If you are facing foreclosure in Dallas Fort Worth area and you have proper legal grounds to challenge the foreclosure, a Temporary Restraining Order (TRO) may be a good option for you. Do however, be cautious NOT to file a lawsuit to simply try to delay. This might fire back at you.
The best option if you are facing foreclosure is to look for a cash buyer who is ready to move forward and doesn’t need mortgage financing.
We, at Freedom Homes Texas, are here to help. Discuss the impending foreclosure of your Dallas Fort Worth Area house with us without any obligations. We want to help you end your foreclosure dilemma today. We have assisted buyers facing foreclosure by buying their homes fast and avoiding foreclosure. We can make you an offer on your home today and close in as little as seven days.
- This information is NOT legal advice. The material or information herein should NOT be taken as legal advice and is NOT a substitute for the assistance of a licensed advisor. Please consult with an attorney.
- Foreclosure Prevention Resources for Homeowners In Dallas Fort Worth Area