What is Foreclosure in Denton, Texas?

Find the right Foreclosure Bankruptcy attorney in Denton, 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 Denton, 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 gather 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 some states, original mortgages are "non-recourse loans," meaning that the lender can only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Denton, Texas lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in Texas?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be straightforward with, your creditor as much as possible. It is essential to remember that banks don't really want to own homes in Denton. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders typically treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You may also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Denton, Texas Attorney Help?

If you are faced with the possibility of foreclosure in Denton, 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 Denton

Denton, Texas is a major city and the county seat of Denton County. It is best known for its world-acclaimed live music scene. The city of Denton has produced a long list of famous musical artists and Grammy award-winning performers. It is also an excellent city in terms of residential housing and employment opportunities.

Denton's lively musical culture centers mostly around the University of North Texas. The University runs an excellent music department which has sprung the careers of artists such as Norah Jones, Don Henley, Meat Loaf, and Roy Orbison. Many graduates of the University of North Texas have signed with major recording labels. The University also maintains Winspear Auditorium, which hosts concerts throughout the year. The presence of the University of North Texas as well as Texas Women's University helps to create an enjoyable "college-town" atmosphere in Denton.

Other attractions in Denton, Texas include the Golden Triangle Mall, which is a shopping complex that has more than 90 specialty stores. Visitors also flock to Denton to attend the Denton Arts and Jazz Festival and the North Texas State Fair and Rodeo. These annual festivities attract crowds of over 300,000 people.

Denton, Texas lawyers practice law in many different fields to meet the needs of the community. Lawyers in Denton are often members of multiple bar associations and civic groups. The Denton County "Courthouse-on-the Square" is a popular historic museum located in the city.

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