How to Stop a Foreclosure in Houston
- 1). Call a family member or friend to discuss buying your property. The idea is for them to purchase the property and rent it back to you. Even on a rent-to-own basis, both parties win, and you do not have a foreclosure on your credit report.
- 2). Refinance your mortgage if possible. If you have steady income and good credit, you can refinance the property, which may lower your monthly payments.
- 3). Attend a National Assistance Corporation of America (NACA) event or contact their customer service center at (888) 302-NACA or NACA.com. NACA holds emergency loan modification events designed for those close to or in foreclosure; the workshops are free to attend. NACA will contact your lender and try to work out a last minute loan modification to lower your monthly payments
- 4). Find an attorney to discuss filing for bankruptcy. If you file Chapter 13, you can keep your property; under Chapter 7, you will have to sell the property to pay off your debts. Note that filing bankruptcy in Houston will adversely affect your credit for seven years, so this option should be a last resort.
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