Temporary Restraining Orders
To Avoid Foreclosure
The best way to temporarily stop a foreclosure on a Mesquite TX house even the day before an auction may be to file a Temporary Restraining Order (TRO). A TRO is a legal order filed by an attorney on behalf of a houseowner against their lender. In most cases, it will result in a brief delay of a foreclosure auction – which may provide enough time for a houseowner to sell a house using other strategies, or catch up the payments.
TROs are a legal specialty – you must have an attorney, with this specialty, lined up in advance if you need to utilize this maneuver. For a more documentation on legal terms regarding TRO and Foreclosure go to Law Summary of Foreclosure in TX
Advantages and Disadvantages
The advantage of a TRO is that it can be done at the last minute just before the Mesquite house is actually auctioned off by the lender.
In addition, it does not require the houseowner to declare bankruptcy and thus often both a bankruptcy and foreclosure can be avoided. Once the TRO is filed, the auction is stopped or nullified until the lender has the TRO lifted.
The disadvantage to filing a TRO is that it costs money and is only a temporary delay.
