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Questions about Adjustable Rate Mortgages, Foreclosure, or Bankruptcy?

Bankruptcy Attorney R.J.Atkinson May be able to help you Stop Foreclosure…

Foreclosure and adjustable rate mortgages have been in the media recently, and for good reason. Over the last few years, many mortgage companies made it very easy for people in Austin to get mortgages. Whether they are interest only, adjustable rates, or adjustable rates with a balloon payment, those easy money mortgage loans have come with an unexpected cost to some Austin homeowners, as well as many others in Texas and throughout the United States. Since most of these loans are adjustable rate mortgages or “ARMs”, they initially had lower interest rates than fixed rate mortgages or “FRMs”. Homeowners in Austin who may have been enticed by the lower interest rates of ARMs to get into their homes were probably shocked when their adjustable rate mortgage actually adjusted. Depending on what the increase of interest might be mortgage payments can grow by 20, 30, or even 35 percent plus. This can lead to late payments, financial hardship, and ultimately foreclosure.

ARMs have been around a long time but became more prevalent the last few years with the explosion of the real estate boom. Adjustable rate mortgages may be used initially to get into a home, but the option to pay interest only or a very low interest rate usually lasts for a specified period of time. Eventually the rate adjusts, and in an ideal situation, so has the borrower’s income, and the value of their home. If neither is the case, then the potential for financial problems can be right around the corner.

When the ARM adjusts, and financial problems occur, there may be late payments, no payments, no payments on other debts, and ultimately foreclosure. Interest only loans, variable rate mortgages, easy mortgages, one hundred percent financing with first and second mortgages over the last few years have started to take their toll on Austin area homeowners. There are more and more homeowners who have fallen behind in their mortgage payments due to these easy money mortgages. Many Austin homeowners who encounter a loss of employment, a medical illness, or any other change in income coupled with a significant increase in a mortgage payment due to a adjustable rate mortgage can find themselves facing foreclosure.

You may have heard in the media that foreclosures due to cheap money mortgages and adjustable rate mortgage loans are on the rise and are expected to get worse. If you are behind on your mortgage and are facing foreclosure, you are not alone. Every month in in Austin, Round Rock, Georgetown, San Marcos, and throughout Travis County, Williamson County, and Hays County, many homeowners are posted for foreclosure because of late payments on adjustable rate mortgages, interest only loans, 100% financing, and other easy money mortgages.

If you are facing foreclosure, you might consider bankruptcy to stop foreclosure and save your home. Bankruptcy can stop a foreclosure instantly, and allow you to repay what you are behind over time. When you file Chapter 13 Bankruptcy to stop a foreclosure, you essentially propose a repayment plan to reorganize payment of your past due or late mortgage payments over 3 to 5 years. Stopping foreclosure by filing Chapter 13 Bankruptcy spreads the mortgage payments you are behind on which are often called “mortgage arrears” out in a Chapter 13 repayment plan allowing homeowners to save their homes from foreclosure while protecting their home’s equity.

If you live in Austin, Texas and are facing foreclosure of your home, time is of the essence. The foreclosure sale happens on the first Tuesday of the month, and is the same throughout the State of Texas. The foreclosure sale in Austin takes place on the Travis County Courthouse steps, and if you live in Georgetown, Round Rock, San Marcos, or in Williamson County, Blanco, Burleson, Burnet, Caldwell, Gillespie, Washington, Kimble, Lampasas, Lee, Llano, Mason, McCulloch, San Saba, or Hays County, the foreclosure sale happens on the first Tuesday of the month on the steps of that County’s courthouse.

When you are facing foreclosure or the possibility of losing your home, it is extremely important that you speak with an Austin Bankruptcy Lawyer as soon as possible to see you options to stop foreclosure. Austin homeowners trying to save their homes from foreclosure must act quickly in order to stop the foreclosure. After the foreclosure sale takes place, it’s too late to save your home.

The Austin Bankruptcy Attorneys at The Law Offices Of R.J.Atkinson can help you to explore your options to stop foreclosure. If Chapter 13 Bankruptcy is right for you then you will have to file for bankruptcy before the foreclosure sale to save your home. If your home is up for foreclosure, contact the Austin Bankruptcy Lawyers at The Law Offices Of R.J.Atkinson to see if filing bankruptcy can help you to STOP FORECLOSURE. We can provide you a free bankruptcy evaluation and a free bankruptcy means test to determine your bankruptcy relief options to stop foreclosure.

Don’t lose your home. Stop Foreclosure and Save Your Home…

Contact Austin Bankruptcy Attorney R.J.Atkinson: 512-617-2899

Please read: Certification | Disclaimer | TexasLegalWeb | State Bar of Texas | Resource LinksLast Updated February 26, 2024
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Austin Bankruptcy Lawyer offer Affordable Bankruptcy & Debt Relief Services. Austin Bankruptcy Attorney provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Austin, Round Rock, Georgetown, Kyle, Buda, San Marcos, & the Austin area.
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Filing Bankruptcy can sometimes be the fastest way to get out of debt and may be the most affordable way to get a fresh financial start. Chapter 7 Bankruptcy can quickly wipe out your debts, increase your credit score, stop wage garnishments, get rid of credit card debt, eliminate medical bills, stop payday loans, stop bill collectors, erase negative credit reporting, and reestablish new credit after bankruptcy. RJ Atkinson — Austin Bankruptcy Lawyer have payment plans to make filing Chapter 7 or Chapter 13 Bankruptcy affordable which include low cost flat fees for Chapter 7 that may be considered the cheapest bankruptcy attorney fees compared to fees other bankruptcy lawyer charge. Chapter 13 Bankruptcy can save your home from foreclosure, save your car from repossession, lower monthly payments, reduce interest rates, get rid of late fees, reduce credit card interest, payoff high credit card debt, raise your credit score, stop creditor harassment, get rid of debt, reduce debt, eliminate creditor calls at work, stop collection calls, start over financially, discharge debts and/or be debt free in 3 to 5 years. IRS tax problems, tax levies, wage garnishments, back taxes, payroll taxes, income taxes can often be handled in Chapter 13 bankruptcy. Divorce/Bankruptcy – past due child support arrears, alimony, spousal support, and divorce debt can often be handled in chapter 13 bankruptcy. The Law Offices of RJ Atkinson handles debt consolidation, loan modifications, credit card debt settlement, debt negotiation, lawsuit defense, IRS problems, credit card lawsuits, TROs temporary restraining orders to foreclosure, forbearance agreements to foreclosure, FDCPA Fair Debt Collection Practices Act lawsuits, FCRA Fair Credit Reporting Act lawsuits, credit report disputes, debt collection lawsuits, adversary complaints in bankruptcy, bankruptcies, foreclosure workouts, mortgage short sales, real estate property tax disputes, civil litigation, commercial litigation, tax lawsuits, small business bankruptcy, corporate bankruptcy, business creditor representation, and most every kind of debt related issue or financially based legal problem on a case by case basis.

Austin Bankruptcy Attorney at RJ Atkinson handle Personal Bankruptcy and Business Bankruptcy cases in and around Austin TX Travis County, as well as the Counties of Williamson, Bastrop, and Hays. If you live in Austin and would like to file for Bankruptcy, the Austin Bankruptcy Lawyer at RJ Atkinson represent people and businesses in Bankruptcy proceedings throughout the Austin area. We accept bankruptcy cases in Austin Texas, Georgetown Texas, Round Rock Texas, San Marcos Texas, or in the Cities of Barton Creek, Bartlett, Bastrop, Bear Creek, Bee Cave, Blanco, Briarcliff, Buda, Cedar Park, Creedmoor, Coupland, Dripping Springs, Elgin, Florence, Garfield, Georgetown, Granger, Hutto, Hudson Bend, Jollyville, Jonestown, Jarrell, Johnson City, Kyle, Lago Vista, Lakeway, Leander, Liberty Hill, Lost Creek, Luling, Manchaca, Manor, Mountain City, Norman’s Crossing, Onion Creek, Pflugerville, Point Venture, Rollingwood, San Leanna, Shady hollow, Smithville, Sunset Valley, Taylor, Thorndale, Thrall, The Hills, Volente, Waterloo, Weir, Webberville, Wells Branch, West Lake Hills, Wimberley, Windmere, Woodcreek, or most anywhere in the Austin area.
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