Temporary Restraining Orders
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Temporary Restraining Orders
The best way to temporarily stop a foreclosure (up to) the day before an auction (and when a homeowner does not need to otherwise declare bankruptcy) may be to file a Temporary Restraining Order (TRO). A TRO is a legal order filed by an attorney on behalf of a homeowner against their lender. In most cases, it will result in a brief delay (30 days, give or take) of a foreclosure auction – which may provide enough time for a homeowner to sell a home 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.
Advantages and Disadvantages
The advantage of a TRO is that it can be done at the last minute just before the home is actually auctioned off by the lender.
In addition, it does not require the homeowner 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.
Before (or in conjunction with) exploring this option, make sure you talk to a creative real estate investing professional about all of your options! Regardless of your situation, income, or equity, if you would like to discuss all of your options for selling your home quickly to avoid foreclosure, please CLICK HERE
Our goal is to help homeowners with their difficult problems. We treat each person individually and get personally involved with them. At Dallas Houses for Cash, we want to understand your unique situation and apply our vast knowledge of strategies to help you in your situation.
We know you place your trust in us and that’s why each homeowner’s information is treated confidentially. In addition, we pride ourselves on working with you on your timeline and providing regular updates so you can make the best decision. Together we can help you take the next step in your life.
Common Questions About TROs
Question: How and How Much?
Answer: Generally you consult with a TRO attorney and complete the paperwork. Attorneys charge different fees for this. We have seen this cost around $2000 for most people. This is a specialized area of law.
Question: Does a TRO Stop Foreclosure?
Answer: Yes, temporarily. TROs delay a foreclosure until the lender files a motion to have the TRO lifted. This almost always happens.
Question: Are there alternatives?
Answer: Yes. We’ve covered many options throughout this website.