The Risks of Doing Nothing If Your Property Faces a Tax or Mortgage Foreclosure Sale

Facing a mortgage or tax foreclosure sale can be a stressful situation. For some people, avoiding the problem or pretending it doesn’t exist can feel like the best course of action.

While that may feel like the best move in the short term, in the long term, doing nothing is the worst approach for these issues. That some people do nothing isn’t surprising. Navigating foreclosures can be confusing. Figuring out the right thing to do can be overwhelming.

The problem is that doing nothing not only hurts the property owner but may make it easier to initiate the foreclosure sale. The institution involved with a foreclosure sale simply has to follow the rules to sell someone’s property legally.

Going Radio Silent

Property owners in financial distress may stop communicating with a bank or taxing authority. Especially if they don’t have the money, they may think it’s pointless to communicate.

The risk of not communicating is that it may deprive a homeowner of options such as extending or reducing payments, setting up a payment plan, or getting a temporary forbearance to prevent a foreclosure sale. In some cases, institutions may be more willing to work with a property owner who is in contact with them.

Missing Deadlines

Failing to respond or file paperwork on time can limit a property owner’s options. It may bar them from being able to appeal a decision. It may make it more difficult for them to contest the sale.

Similar to not communicating, missing deadlines may make it difficult, if not impossible, for a property owner to request a forbearance or payment plan as an alternative to foreclosure.

Failing to File Paperwork

Not submitting paperwork, failing to sign, and submitting the wrong documents can be similar to doing nothing for a foreclosure sale. It may also bar you from some avenues for resolution. In some cases, submitting the wrong paperwork can be the same as missing a deadline.

Hire a Skilled Property Lawyer Who Knows Texas

The threat of a foreclosure can be overwhelming. Doing nothing increases the likelihood of a foreclosure. A skilled property lawyer can help you navigate the process and be proactive. If you have questions about foreclosure or property law issues in Texas, the attorneys at Manfred Law can help. Call us at 713-547-5460 or contact us online to schedule your consultation.