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I am facing a foreclosure on my home on June 5th. My wife…

Customer Question
Hello, I am facing...

Hello, I am facing a foreclosure on my home on June 5th. My wife left the homr August 2017 and left me with trying to pay the mortgage which I couldn't do. I have the home listed on the market for sale. I just need more time to sell. What options do I have?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

My last option would be to file bankruptcy. I tried to modify last sept. But without the 2nd income it was t Still too much.

Lawyer's Assistant: Where is the home located?

Fort worth

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

For right now no.

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
5/31/2018
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,783
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago

Good morning. Is there any equity in the home?

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Customer reply replied 2 months ago
Ok. Thank you. What are the next steps here?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago

Is there any equity in the home?

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Customer reply replied 2 months ago
there is equity about 150k
Customer reply replied 2 months ago
I owe 190k plus 10k on 2nd mtg. The property has beenvalued/appraised at 354k
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago

Thank you. In a situation like this, you need to contact your lender and see if they will agree to stay the foreclosure proceedings. If you can show them you have a listing agreement with the realtor and are going to sell, they may give you more time, so they do not have to go through the foreclosure process and waste the time, effort or money. If you have buyers and need more time, they may give you an additional 30 or 60 days but will want to know and understand why this was not done earlier, once the loan started to go into default.

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Customer reply replied 2 months ago
Ok. I was going to make that call this morning. If they say no. Are there other options
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago

You would need to try and contest the foreclosure to buy more time. If the loan is in default, they have a legal right to make a demand and accelerate the loan and foreclose, I am sorry to say. Banks do not want to have to do this but they can not allow the mortgage to not be paid and the owner to continue to live for free.

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Customer reply replied 2 months ago
Understandable. On what grounds could I contest the foreclosure and could you start the process?
Customer reply replied 2 months ago
You are in ft worth?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago

No, the site does not allow us to provide legal representation, I am sorry to say. Contesting it would have to do with the legalities of the foreclosure and if the lender has done what was require and followed the proper process.

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Customer reply replied 2 months ago
Do you recommend an attorney locally?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago

here you go.

https://www.justia.com/lawyers/foreclosuredefense/texas/fort-worth

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Customer reply replied 2 months ago
Thank you
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 months ago

You are welcome. Please let me know if there is anything else, as I would be happy to respond. If not, please remember to rate my help at this time at the top of this page, prior to leaving, so I can receive the proper credit, for our time together. A 5 STAR rating is greatly appreciated. Thank you.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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