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Mortgage Modifications in Texas

Money troubles have a nasty habit of sneaking up on you, even when you do everything right. From sudden medical expenses to an unexpected layoff or divorce, unwelcome surprises can pop up when you least expect them. To add insult to injury, if you start missing payments, your creditors might threaten to take away your hard-earned belongings, your vehicle, or even the roof over your head.

If you’re on the verge of losing your Texas home to foreclosure, a mortgage modification may seem like your best bet. However, even if you can convince the bank to reduce your payment, modifications don't do anything to help with all of your other debts. A lower mortgage payment won’t do you any good if you can’t afford to make your other payments.

Trying to fix money troubles with a mortgage modification is like treating a gaping wound with a bandaid.

Unlike mortgage modifications, bankruptcy provides real solutions to your very real financial problems. Instead of merely lowering one payment, bankruptcy can wipe out most — if not all— of your debt. Call or text DebtStoppers today at 469-646-0750 to request a free debt analysis with one of our skilled Texas lawyers.

Texas Mortgage Modification Laws

In Texas, you can make an agreement called a mortgage modification with your lender to modify the existing terms of your loan. While banks can change your loan terms, they are rarely willing to help.

Even if you manage to work out a modification, a lower mortgage payment usually can’t fix your financial woes on its own. If you want to deal with all of your money troubles, you'll need to search for more comprehensive solutions.

Modifications don’t provide solutions for:

  • Credit card debts
  • Delinquent auto loans
  • Unpaid medical bills
  • IRS tax obligations
  • The remainder of your debts

Alternative Mortgage Solutions

Serious debt problems demand serious solutions. If you want to fix your finances, you need to find a comprehensive debt elimination plan that deals with all of your debts, not just a single payment. Filing for Chapter 13 bankruptcy can provide serious solutions to Texas families experiencing financial difficulties.

While you still have to pay your mortgage, Chapter 13 can eliminate about 90% of your other debt. It also allows you to lower your auto loan payment to correspond with the car’s actual value rather than the inflated high-interest amount you're currently paying.

If your bank has threatened to initiate foreclosure or has already started the proceedings, bankruptcy offers solutions to these problems as well. As soon as you file your petition, the court will grant you an automatic stay that forces the lender to STOP FORECLOSURE PROCEEDINGS IMMEDIATELY.

The stay also prohibits:

  • Repossessions
  • Wage garnishments
  • Lawsuits
  • Collection calls

Ask Our Experienced Dallas Fort-Worth Attorneys for Help

DebtStoppers has helped thousands of families get out of backbreaking debt with our custom bankruptcy plans. Call or text us today at 469-646-0750 to request a free consultation with one of our experienced Texas bankruptcy attorneys.

Our Texas lawyers can help you understand the solutions bankruptcy offers and decide if it's the right choice for you and your family. Call or text us today at 469-646-0750 to get started!