The primary method of foreclosure in Texas involves what is known as non-judicial foreclosure. This type of foreclosure does not involve court action. When the deed of trust is initially signed it will usually contain a provision called a power of sale clause which upon default allows a trustee to sell the property in order to satisfy the underlying defaulted loan. The trustee acts as a representative of the lender to conduct the sale which typically occurs in the form of an auction. This sale is halted by the filing of a bankruptcy petition by a debtor on the mortgage.
Borders Bankruptcy, Bankruptcy Attorney Tulsa OK, Student Loans Bankruptcy,
For most Texans, their home is the most expensive and most important asset they possess. It is no wonder that many Texans are turning to bankruptcy in order to save their homes from foreclosure. As soon as bankruptcy is filed, all collection attempts must immediately cease. This not only includes foreclosure actions but also includes attempts to collect on mortgage loan default. Additionally, unsecured debt the homeowner holds will be discharged, freeing up income to catch up on a home loan and get back in the black.
More and more people are turning to a Fort Worth bankruptcy attorney to help them avoid foreclosure. By filing for bankruptcy, you can save your home and get back on track financially. Whether you are dangerously close to getting your first notice or have already started receiving them, a Fort Worth bankruptcy attorney can help you. By assessing your current financial circumstances and future income, a bankruptcy attorney can decide whether filing for bankruptcy is an option for you to stave off the foreclosure process and give you the time you need to become current on your mortgage.
While many people file for Chapter 7 bankruptcy to help them erase debts, this might also force them to sell off or surrender certain assets to do so. By filing for Chapter 13 bankruptcy instead, you can restructure your debts and keep your assets, such as your home. If you are forced to go through foreclosure proceedings, you may be left without a home and still owe a balance to the mortgage company. A foreclosure may result in the mortgage company issuing a 1099 report of miscellaneous income to the IRS, requiring you to report forgiveness of debt as income. If your home sells at foreclosure for less than its loan payoff, the mortgage holder may seek a deficiency judgment against you. A judgment can stay on record for 10 years and can be renewed for another 10 years. I can help you stop these consequences from happening, even if you decide not to keep your home.
How Much Is A Bankruptcy Lawyer
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of How Much Is A Bankruptcy Lawyer
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment