What is Foreclosure in Arlington, Texas?

Find the right Foreclosure Bankruptcy attorney in Arlington, TX

Foreclosure is a judicial process in which a mortgage lender recoups some of its losses in the event of default by taking possession and/or ownership of the home that secured the loan in the first place in Arlington, Texas Foreclosure often requires the house to be sold at auction. Often, banks want to get rid of the property as soon as they can, in order to collect as much money as possible, and move on.

In every state, including Texas, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be overseen by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the entire balance will be covered, as well as the odds that there will be some money leftover for the borrower). In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Arlington, Texas to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Texas?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be honest with them. One should remember that banks generally don't want to take your house in Arlington. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If you can't work anything out with your lender, or have become completely unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt might be forgiven. You might also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Arlington, Texas Attorney Help?

If you are faced with the possibility of foreclosure in Arlington, Texas, an attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in Arlington

You'd have to agree with TV show "King of the Hill" when they assert that Arlington, Texas may be heaven. Arlington boomed in Post World War II era nearly doubling its size in one year. The suburbs of downtown Arlington grew so quickly it became known as one of America's Bloomburbs. Today the population is well over 400,000 Arlington residents who enjoy the Texas Rangers and Dallas Cowboys as hometown teams. Arlington also hosted the 2010 NBA All-Star Game. In addition to professional sports, the local colleges and universities in Arlington offer entertainment and tourist attractions. The University of Texas at Arlington, Tarrant County College, and Arlington Baptist College all operate campuses in Arlington. Six Flags Over Texas is a nationwide attraction for theme park enthusiasts. It's the original Six Flags Theme Park and was also the first park to offer a mine train coaster, log flume splash ride, and the first free fall (cliff hanger) ride. Six Flags Over Texas has some of the most extreme rides around too. The Titan rollercoaster is the tallest and fastest amusement rides in the state of Texas at 245 feet high and with an 85 mph top speed. Spring Break Out, the Best of Texas Festival, and Fright Fest are a few of Arlington's annual festivals with parades.

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