What is Foreclosure in Austin, Texas?

Find the right Foreclosure Bankruptcy attorney in Austin, 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 Austin, 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 make 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 Austin, Texas to see if this is the case. However, this typically 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 forthright with them. You should keep in mind that banks typically don't want to take your Austin home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You might also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Austin, Texas Attorney Help?

If you are facing the possibility of foreclosure, a good Austin, Texas real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Austin

Austin, Texas is known as one of the best cities in Texas because there is a lot to do! Austin is the fourth largest city in Texas with a population of about 790,390. Also known for being the thirty-fifth largest metropolitan area in the United States, Austin has attractions for tourists of all types.

Popular attractions include Congress Avenue, Zilker Metropolitan Park, State Capital, Austin Nature Science Center, Mount Bonnell, Texas Military Forces Museum, Fall Creek Vineyards and Paramount Theatre. In all honestly, pages and pages could be written about the attractions in Austin. One really needs to go there to experience all the attractions and active vibe of the city. Austin is also home to many large multinational, international, mid-size, and small law firms. What does this mean? This means that any Austin resident and/or businesses have a large number of firms to choose from when seeking competent attorneys or law firms. This is a rare offering that not all metropolitan cities offer. Overall, from quality of life to industry, Austin is a great choice for visiting or living!

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