Dear [Foreclosure Attorney's Name], I hope this letter finds you well. I am writing to you as a concerned homeowner in Tarrant, Texas, seeking your assistance in stopping the foreclosure process on my property. Please allow me to present the reasons for my request and explain why it is crucial for me to halt this foreclosure. 1. Financial Hardship: In recent years, my family has faced significant financial hardships due to unexpected medical expenses/job loss/divorce, which have impacted our ability to keep up with mortgage payments. We have struggled to overcome these difficulties, but regrettably, it has led us to the brink of foreclosure. 2. Active Efforts to Resolve the Situation: Despite our financial constraints, we have explored various options to resolve our delinquency. We have contacted our lending institution to discuss loan modification, refinancing, or other foreclosure prevention programs. However, these attempts have not yielded positive results or the desired relief from impending foreclosure. 3. Value Preservation: Our property in Tarrant, Texas, holds an important sentimental and monetary value to us. We firmly believe that by stopping the foreclosure, we can protect and preserve the value of not only our home but also the neighborhood in which it is situated. Maintaining property values is mutually beneficial for all parties involved. 4. Good Faith Payment History: Prior to the financial difficulties we faced, we have consistently made on-time mortgage payments and had a good payment history with the lending institution. Although delinquency arose due to circumstances beyond our control, our previous repayment record serves as evidence of our commitment to honoring our financial obligations. 5. Willingness to Cooperate: It is essential to emphasize that we are not attempting to evade our responsibilities as homeowners. On the contrary, we are willing and eager to work out a feasible solution with the lending institution or explore any other alternative arrangements that would enable us to regain financial stability and continue meeting our mortgage obligations. Therefore, I kindly request your intervention as our foreclosure attorney to immediately stop the foreclosure proceedings against our property. We believe that it is in everyone's best interest to find an alternative resolution that benefits both the lending institution and us, the homeowners. We appreciate your attention and understanding regarding our situation. Your expertise and guidance will be of immense value in navigating this challenging period. We kindly request a prompt response to discuss how we can proceed and explore all possible options for resolving this matter. Thank you for your time and consideration. Sincerely, [Your Name] [Your Address] [City, State, ZIP] [Phone Number] [Email Address] *Note: While there may not be significantly different types of Tarrant Texas Sample Letter to Foreclosure Attorney — General Demand to Stop Foreclosure and Reasons, the content and context may vary based on individual circumstances, unique property issues, or specific foreclosure mitigation efforts undertaken by the homeowner.*
Tarrant Texas Sample Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons
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Distribution of Excess Funds After the foreclosure sale, if the property sells for a higher price than what is owed, the excess funds would then be used to pay off any additional liens that may be on the property.
When a foreclosure sale generates more money than needed to pay off the lien, the excess proceeds usually go first to creditors in the order of their priority, and second to the owner after creditors are paid in full.
In Texas most loans are non-judicial which means the bank does not have to take a foreclosure to court to be approved. The best way to stop and delay a lender from taking your property is to file a lawsuit and get a restraining order.
Three of the most common methods of walking away from a mortgage are a short sale, a voluntary foreclosure, and an involuntary foreclosure. A short sale occurs when the borrower sells a property for less than the amount due on the mortgage.
To recover surplus money from a foreclosure sale, claimants must act quickly. There will be a limited window for you to recover the funds. You'll also need to provide proof of prior ownership to the trustee or the court. You may also have to complete and submit a claim form and/or attend a court hearing.
While the homeowner's records may indicate that they have been paying the mortgage, they may not have been paying to the right bank. The cause may be a clerical error on the homeowner's part or that of one of the banks. Regardless, if the current lender is not getting the payments, foreclosure is possible.
6 Ways To Stop A Foreclosure Work It Out With Your Lender.Request A Forbearance.Apply For A Loan Modification.Consult A HUD-Approved Counseling Agency.Conduct A Short Sale.Sign A Deed In Lieu Of Foreclosure.
After the property is auctioned off at the foreclosure sale, you may either redeem the property within the period allowed by law or file a case to annul the mortgage and/or the extrajudicial foreclosure sale, should the circumstances warrant it.
Here are some foreclosure prevention alternatives to consider when you think foreclosure is on the horizon. Reinstate Your Loan.Enter Into a Repayment Plan.Enter Into a Forbearance Agreement.Work Out a Loan Modification.Refinance.File for Chapter 7 or Chapter 13 Bankruptcy.
Surplus funds, also referred to as overage or excess funds, are the funds remaining after a mortgage is paid through the final judgment of a foreclosure auction. The trustee appointed in the foreclosure auction is responsible for disbursing the funds without charging additional fees.
