What is Foreclosure in El Paso, Texas?

Find the right Foreclosure Bankruptcy attorney in El Paso, 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 El Paso, 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 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 an El Paso, 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 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 El Paso. 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. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A El Paso, Texas Attorney Help?

If you are faced with the possibility of foreclosure in El Paso, 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 El Paso

El Paso, Texas is a large city in (and the county seat of) El Paso County, in the far western tip of Texas. It is the 5th-largest city in Texas, and the 22nd largest city in the United States, with a population of over 620,000. El Paso is right over the U.S. border from Juarez, Mexico.

The two cities are directly adjacent, and a great deal of cultural and economic exchange occurs between the two. For this reason, they are typically treated as part of the same metropolitan area (referred to as El Paso-Juarez). With a population of over 2.3 million people, El Paso-Juarez is one of the largest international metro areas in the world.

El Paso is an important entry point into the U.S., and Juarez serves the same role in Mexico. There is a significant amount of trade between the two cities, which accounts for a significant amount of the economic activity in both cities.

Additionally, Fort Bliss, an U.S. Army base which serves as home to the Air Defense Artillery Branch, is a major contributor to El Paso's economy.

Given its size and economic diversity, El Paso, Texas attorneys have plenty of work to keep busy, which ensures that they are constantly challenged, forcing them to become proficient in as many areas of law as possible. Accordingly, it's nearly certain that there's at least one El Paso, Texas lawyer who can help you with your legal issues.

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