Articles

Facing Foreclosure

Purchasing a home can be one of the biggest decisions and most significant investments a person or family makes.  No matter how carefully planned and meticulously budgeted, the purchase of a new home always involves some level of risk.  Family situations can change, job situations can change, health situations can change; all of which can shake a families financial stability to its core.  In the current economic climate, more and more families are facing financial crises that they never dreamed they would face.  Among the most critical of these crises is foreclosure of the family home.  If you are facing foreclosure, having access to the most basic laws governing foreclosure and knowing your options can mean the difference between losing everything you’ve worked for and protecting your family home.

In Texas, the type of foreclosure process that is used by the lender depends on the type of debt that is owed. As a practical matter, once a homeowner has missed a mortgage payment and is in default under the promissory note, the lender may attempt several unofficial steps to resolve the problem, such as collection calls, letters, acceptance of partial payments, or negotiating a temporary payment plan.  Assuming that these efforts have not resolved the problem and the lender is ready to proceed with a nonjudicial foreclosure, the following actions must be performed by the lender:

(1)   Notice of Default and Intent to Accelerate (first notice);
(2)   Notice of Sale and Acceleration of Debt (second notice);
(3)   Foreclosure Sale;
(4)   Distribution of Proceeds;
(5)   Eviction;
(6)   Deficiency Action; and
(7)   No Right of Redemption for Nonjudicial Foreclosure.

A foreclosure can be cancelled, delayed or avoided at anytime before the sale at the courthouse.  The best time to reach a resolution is during the 20-day period after receipt of the first notice.  During this time, you are required to pay only the past due amounts and not the entire loan amount.  If you believe that you will be able to gather the necessary funds to bring the loan current, it would be wise to contact the lender and keep them informed of your progress as they may be willing to extend the 20-day period if they believe that the matter can be resolved without further action.  If you cannot pay the entire amount that is due, your lender may be willing to agree to a payment plan, loan modification or other arrangement to bring the loan current and ensure that you will be able to make future payments.

In certain situations, it is possible that your lender must consider modification if your home loan qualifies under new laws passed to provide relief from rising foreclosures, such as the Making Home Affordable plan and the Home Affordable Modification Program.

The filing of a bankruptcy petition will immediately stop a foreclosure sale from occurring as of the filing of the petition.  However, you will be required to continue making some type of regular payments and make some payments toward the delinquency as part of your bankruptcy plan.  Filing for bankruptcy is a major event and should not be taken lightly or performed without careful consideration.

Weathering difficult economic times is hard enough without the added stress of facing the loss of your family home.  If you would like solid, experienced counsel from professionals who care, contact the Hubbard Law Firm.  With more than 30 years experience, they can provide you with the best options to protect yourself and your family.  Call the Hubbard Law firm today at 281-358-7035.

Local Attorney Celebrates 35 Years of Practicing Law

In the small town Patrick Hubbard grew up in, he always remembered the lawyer who practiced in town. At 17, he decided that is what he wanted to do as a profession. Hubbard attended Abilene Christian University where he earned his business degree and received is law degree from Texas Tech University in 1973. He moved to Kingwood in 1985 after erving as the assistant criminal district attorney for Lubbock County and the acting attorney general for the Commonwealth of the Northern Mariana Islands on the Island of Saipan. Hubbard still serves Kingwood and the surrounding community as he prepares to celebrate almost 35 years of practicing law. “The crux of my practice is small business law, but for the most part I focus on a variety of different situations such as family, commercial, probate, real estate, bank and criminal laws,” Hubbard explained. “It is gratifying to be in a profession where I help solve problems and help clients in need.”

Hubbard enjoys general practice law because it is never dull between spending some time in the office and other times at the courthouse. His practice also allows for him to spend time with clients and get to know them and their families. Since he has served the community for many years, he is now working with his first clients’ children, which is a pleasant surprise for him. “I am working with the next generation, which is very rewarding. I am glad I have had the opportunity to practice in Kingwood because it is a good place to live and work. I am honored to celebrate 35 years,” Hubbard said. Patrick Hubbard’s office is located at 1306 Kingwood Drive.

For more information, call 281-358-7035 or log on to
www.patrickhubbardlaw.com.

Holiday Greetings from the Hubbard Law Firm

Fall is a great time of the year.  Every September, I eagerly await cooler weather, football, and holiday celebrations.  It is also a time for taking stock of affairs, giving thanks to God for our blessings and planning for the future.

Taking stock is easily the most challenging part of winding up another year.  It can be time consuming and sometimes traumatic.  However, reflecting on your past performance and setting goals for the future, is time well spent that will yield more success and less stress in the years to come.

In the legal business, I refer to it as a year-end check-up.  If you are a visual person, think of the “ox-rule.”   The “ox-rule” is that it is easier to keep your ox out of the ditch than it is to get your ox out of the ditch.  Or, you can think of it as building a fence around the ditch.

The process is simple.  Ask yourself these questions.  Are my will, power of attorney, directive to physician, and beneficiary designation in order?  Is my business in the best format for tax purposes?  What is my liability to my customers, my employees, and to others?  Is the property and information of my company and clients secure?  Am I in compliance with the legal requirements pertaining to my business?  Are my records adequate?  Are my business relationships with professionals in a good place?

The answer to these questions will yield an accurate picture of where your personal and business affairs are leading you.  The final question is whether you are heading in the direction you want to go? If not, give us a call, we can help.

But most importantly, we wish all of our clients and readers a very happy holiday and rewarding New Year!

Patrick Hubbard Reflects on 35 Years of Law Practice

Written by Patrick G. Hubbard for “The Forest Image”

Practicing law in Kingwood for the past twenty-five years has been a dream come true for this country boy who was raised on the treeless high plains of Texas.  Living in this community with my family has been a true blessing from God.  There have been so many friends and acquaintances who have made me feel welcome, supported my business and who have shared my joy and pain along the way.  When I hear   negative comments about Kingwood, I usually respond by simply pointing out that it is the best placed I have ever lived.

Looking even further back to 1968, when I entered law school at Texas Tech University, I could not have imagined the experiences my choice of the legal profession would yield over the next forty plus years.  It has been an exciting, interesting and challenging journey.  Bringing alternating joy, laughter and tears, it has been everything except boring, no chance of that!

My legal education had just begun at Texas Tech when it was interrupted by an all expense paid vacation to Europe where I served for eighteen months in the US Army Finance Corp.  Returning to law school, I graduated and was licensed by the Texas Bar Association in early 1974.  My first job was as an Assistant District Attorney in Lubbock County where I served as a criminal prosecutor.   After a year, I opened my own firm, and with the exception of a couple of sojourns, I have been practicing law ever since.

The first such sojourn was in 1977 to Micronesia, where I served as the Acting Attorney General for the Commonwealth of the Northern Mariana Islands, as it took its place under the United States umbrella with commonwealth status.  The second was in 1982 to earn a Master of International Management degree from the Thunderbird School for International Business in Glendale, Arizona.  At Thunderbird, I focused on Southeast Asia and learned to speak a limited amount of Mandarin Chinese.  Both of these detours were very interesting and enriched my life enormously.

Through the years, not wanting to confine myself to just one category of law, I have always conducted a general practice that has consisted of business, probate, family, real estate, bankruptcy and criminal matters.  This mix has been very rewarding.   It has continually presented fresh experiences and new challenges.  More importantly to me however, it has yielded a great number of new acquaintances and opportunities to assist people with circumstances and problems that are affecting their lives.

During the coming year, while celebrating thirty-five years practicing law, it is my hope to share some of the more interesting and humorous things that I have seen as well as legal principles that I hope readers may be able to use in their lives and businesses.   Also, if you have a matter of particular interest, I invite you to contact me at www.patrickhubbardlaw.com.  It is my hope to respond to as many of your requests as possible in future articles in The Forest Image .

Forest Image

Having lived, worked, and traveled in other states, as well as foreign countries, I can say without a doubt that some of the best people in the world are right here in the Humble, Kingwood, and east Montgomery County area.  I think that twenty-five years of meeting and working with thousands of people in this area makes me an authority.  The remarkable diversity of this community fascinates me.  We differ ethnically, culturally, and spiritually.  We work at different kinds of jobs and we play different types of games.  We are truly different and I enjoy the variety.

On the other hand, while we are all different, in some ways we are the same.  I see the common threads of love for this country and concern for the welfare of our neighbors.  Our families are the corner stones of our lives.  We care about our spouses, children, and parents.   As a lawyer, I see my clients being interested in providing for the welfare of their loved ones.

Unfortunately, I also see some who fail to make provisions for the future of their family.  There is usually a reason for failing to act.  One is that some of us do not want to think about death for any number of reasons.  Another is procrastination; we all suffer from this to one degree or another.  Some folks are just too busy while some can’t decide what to do.  This is common in blended family situations.  Others have children, spouses, or relatives with special needs, while some are experiencing anxiety or conflict in their close relationships.  The reasons are many but the results are often strikingly similar, loved ones left to manage very important affairs at a time when grief and depression are rampant.

As a service to my clients, I suggest a few simple steps that will get them past this point of inertia. First, I suggest making a few simple notations.  Start with a list of the kinds of property you own.  The list starts with real estate followed by investments, household furnishings, vehicles, collectables, jewelry, personal effects, and retirement accounts, in no particular order. Next, make a list of the people who are important to you.  This would normally include your spouse, children, parents, other relatives, special persons, and charities you support.  Put them in the order of importance to you. Finally, write the names of persons you would trust to carry out your wishes or to see after your children.  These people can serve as the executor of your estate or as trustee and perhaps guardians for your children. Making these simple lists is ninety percent of the work needed to get your affairs in order.  All that remains is getting this information put in proper form and properly signed.  As encouragement to get started, just remember that there is no right or wrong way to leave your property at your death.  It’s your decision.  You decide.

As a parting thought, I want to invite clients, friends, and neighbors to come by my new office located at 1075 Kingwood Drive, Suite 203 in the Chase Bank building near the entrance of Kingwood off Highway 59.  We are excited about the new space.  Come see us.

Contact The Hubbard Law Firm for a confidential consultation to assist you with your legal needs. Licensed to practice in all courts in the State of Texas.