How to actively defend yourself from foreclosure

If you are struggling to keep up with your mortgage repayments, you may be worried that you will risk losing your home due to foreclosure in the future. A foreclosure tends to be the last resort option taken by creditors when they are unable to retrieve the mortgage payments that they are owed. If interventions are taken early in the process, it can be possible to avoid foreclosure proceedings completely.

However, if your lender has already taken action to start the foreclosure process, it will be necessary to engage in foreclosure defense. The following are some of the most common forms of foreclosure defense that you may be able to make use of.

Consider using your assets

You may be able to use other assets such as your car, jewelry or your life insurance policy to reinstate your mortgage. You should also consider other ways that you can earn income — for example, by renting out spare rooms in your home or getting a second job for a limited time.

Know your rights

Creditors may sometimes take liberties and try to unnecessarily worry you about the urgency of your situation. By reading over your mortgage agreement and having a good understanding of the law, you will be in a better position to assert your rights.

Be willing to negotiate

If you are willing to communicate with your lender and find a way to come to a compromise, it may be possible to avoid foreclosure completely. For example, your lender may be able to offer you a break from repayments until you get back on track financially.

If you are worried about losing your home to foreclosure in Texas, you should make sure that you take action to ensure it does not happen.