Homeowners actively seeking to modify their loans are dealing with the threat of foreclosure. The modification process is often a test of wills - a marathon. How long and how persistent can you be in pursuing your modification? Successfully completing a loan modification requires many letters and calls.
But did you know that your lender has already sent your file to their attorneys? The lender's attorney is running a parallel course to your modification journey. Increasing ling, the line between the information you receive from the lender and their attorney is blurred. I often hear from borrowers that they don't have to worry about foreclosure because they're working on the modification.
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They could not be more wrong.
Texas foreclosure law requires certain notices be provided to you in advance of the actual foreclosure date. Let's simplify this process by working backwards:
1. The last notice you will receive is the Notice of Sale, at least 21 days before the actual sale date. It will contain the actual sale date, time and location. Texas law requires that foreclosures are conducted on the first Tuesday of every month.
Please contact your attorney immediately if you have received a notice setting forth a date and time of sale. You must take action immediately to protect your home ownership!
2. You will receive a notice of acceleration at least 30 days prior to receiving the 21 day letter. This letter accelerates maturity of your promissory note so that the entire principal amount is due, not just your monthly payment.
This letter is also a call to action. Please contact an attorney for assistance.
3. You will receive a collection letter and threats of acceleration of foreclosure in the 30 day period prior to the actual acceleration of your loan.
This letter is also confusing as it may come from the lender or the lender's attorney. In fact, none of the letters are required to be sent from an attorney.
So what do you look for, whether you're attempting to modify your loan or not? The goal here is to provide you with the opportunity to protect your home and family. Usually that means bankruptcy. It's not as bad as it sounds and it's designed to protect you - take full advantage of the protections bankruptcy law allows.
Do not ignore certified letters. You do not avoid notice if you do not pick up the mail. All the lender has to do is prove that they mailed the letter, not that you picked it up. Look for a sale date included in the letter. Call an attorney immediately if you see a date and time in the letter. Do not be lulled into a false sense of security while you are negotiating your modification. Obtain promises in writing - do not rely on oral agreements from your lender.
Finally, be proactive about your situation. You'll find that you actually have more information available to you than what you think.
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