In Texas, foreclosure sales take place on the first Tuesday of the month. In January 2013, that meant homeowners faced the possibility of ringing in the New Year with a foreclosure. That’s right, the banks were on the courthouse steps foreclosing on New Year’s day. For one North Texas homeowner, however, it was a happy New Year.
Foreclosure defense attorney Walker M. Duke obtained a temporary restraining order (TRO) that stopped U.S. Bank from foreclosing on a North Texas home. Attorney Duke filed a lawsuit in connection with the TRO, alleging that the loan–which had been securitized–was not actually owned by U.S. Bank. Duke said, “The reporting that U.S. Bank made to the Securities & Exchange Commission did not match up with what they filed with the Dallas County Clerk. Either they’re misrepresenting to the SEC, or they’re filing inaccurate documents in the Dallas County property records. Neither scenario is acceptable, in my opinion.”
The TRO was a court order that immediately stopped the foreclosure from going forward as planned on New Year’s Day.
Fortunately, at least one North Texas family will start 2013 a little happier. Hundreds of others will, sadly, be forced to move out of their homes. If you are facing a default on your home loan or are worried about foreclosure, it is important to take affirmative action. Do not assume the banks will simply offer you a workout or that you will be able to catch up with a series of partial payments. Often times, banks will reject payments once a borrower falls behind, which makes the situation even more difficult to resolve.