Carrollton Foreclosure Lawyers

Find the right Foreclosure attorney in Carrollton, TX

Foreclosure Law in Texas

In Carrollton, Texas is a process permitting a lender of a mortgage to take possession or ownership of the property that secured the mortgage in the first place, to cut their losses when a borrower defaults on his or her loan.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will usually take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage. Banks normally want sell the property quickly, for as much money as possible.

In Texas, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this type of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to protect the borrower: it helps prevent them from still owing money after the house is sold at auction.

In a large number of states, but not all of them, mortgages are a type of loan recognized as a "non-recourse loan." While the regulations governing these loans are complex, it most basically means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Carrollton, Texas

To avoid foreclosure, communicating with your lender is key. Let's face it - if you're in a situation where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's difficult to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should remember that the bank doesn't really want your house. They completed a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, allowing for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the proceeds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Texas, the remaining debt is absolved.

Can a Carrollton, Texas real estate attorney help?

If you live in Carrollton, Texas and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an accomplished real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Carrollton

Carrollton, Texas is a medium-sized city that straddles Denton County, Dallas County, and Collin County. Its population is about 123,000 people.

Carrollton, Texas is named for a city of the same name in Illinois, which was the home of many of the area's original settlers. In the early days of settlement, Carrollton subsited entirely on agriculture. However, once a major railroad went through the region, the city industrialized rapidly, and in 1913, was formally incorporated.

Modernly, Carrollton, Texas is home to many companies who are major players in the technology, energy, and healthcare sectors. Between them, these companies provide thousands of jobs, many of which are highly skilled, and pay very well.

Although summers in Carrollton may be a bit warm for some, the weather tends to be fairly mild for the region, adding another attractive element, in addiont to the numerous employers.

Given the variety of industry in Carrollton, its fairly large population, and healthy economy that revolves around several cutting-edge industries, it should be apparent that the lawyers of Carrollton, Texas need to stay on top of the latest developments in several rapidly-changing legal fields. For this reason, Carrollton, Texas lawyers are very competent and hardworking, and should be able to help you with your legal problem in the best way possible.

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