When people default on their home loans or mortgages, there lenders have the right to initiate the foreclosure process.  Foreclosure is a process by which a financial institution or mortgage company that has a lien on a piece of real property makes arrangements to seize the property because the borrower has not met the terms of the mortgage agreement.  For example, when a homeowner falls behind on mortgage payments it is considered a violation of the terms of the mortgage agreement.

The foreclosure process is unique in varies state to state, but most homeowners find that they are in trouble 16 days after their mortgage payments become past due.  Once this happens, homeowners can try to negotiate a repayment plan with their lenders, but many are not capable of doing this because they are in the midst of financial hardships.

Unfortunately, if homeowners are not able to reach agreements with their lenders, they can lose their homes, which is always very disheartening.

If you are facing foreclosure in Houston and you would like to learn more about how bankruptcy will play a role in your foreclosure, contact our law firm and discuss your case with a Houston bankruptcy attorney.