Texas is known in the real estate market for relatively inexpensive housing compared to other states. Still, this depends on where in the state a person lives. No matter how low mortgage payments are, it is also possible to fall behind on payments due to becoming ill, temporary unemployment or other hardships. When this continues for some time, the home may go into foreclosure.

For many people, this is a source of embarrassment and feelings of failure. While it may feel this way, it is not the end of the world. People who need extra time in their home to find somewhere else to go may take steps to slow down the process. Forbes recommends filing for bankruptcy. This may cause a person’s credit to take a big hit, but it may also lead to an “automatic stay.”

An automatic stay may slow down creditors’ ability to seize assets while a homeowner goes through the bankruptcy filing process. If a person chooses to file a Chapter 13, it may also help them to keep all their assets, including their home. However, a repayment plan may become necessary to make full or partial payments on the debts owed.

USA Today advises homeowners to check the documentation provided by their lender. The document may contain information about how the lender will proceed with foreclosure. The loan agreement may also provide some loopholes a homeowner may use to their advantage.

Homeowners who wish to retain possession of their home should consider reaching out to the bank and remaining persistent about negotiating. They may also contact the Department of Housing and Urban Development for more resources on how to navigate potential loan renegotiation or possible outcomes of the process.