These are tough economic times for working families. If you are behind on your mortgage, you should consult an attorney immediately. In Texas, only twenty days notice of foreclosure is required. While the law does require the lender attempt to give notice to the homeowner, there is no requirement that the homeowner actually receive the notice, as long as the lender mails it to the last address given by the homeowner. If you have received a foreclosure notice, TAKE ACTION NOW by consulting a consumer law or bankruptcy attorney.
One option if you are behind, but have not been mailed a foreclosure notice by your lender is a loan modification. Many of the major lenders are now offering various loan modification programs. There is also a private sector alliance of mortgage servicers who are participating in a loan modification program called HOPE NOW.
As of this writing, eligibility requirements for the streamlined version of HOPE NOW are:
- Your lender must be a participant in the program;
- You must be 90 days or more behind on your loan;
- Your loan to value ratio must be 90% or higher. This means you must not owe more than 90% of your property’s value.
- If you participate in the program, you are required to escrow your taxes and insurance.
- You must provide documentation, including a hardship statement, verification of monthly income, and a signed loan modification agreement.
To receive more information on your eligibility for HOPE NOW, CALL 888-995-HOPE.
If you need assistance in applying for a loan modification, call us at 903-759-5922 today to schedule an appointment to discuss your particular situation.
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