What is Foreclosure in Harlingen, Texas?

Find the right Foreclosure Bankruptcy attorney in Harlingen, 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 Harlingen, Texas When a house is foreclosed, it is typically sold at auction shortly thereafter. This is because banks typically want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an easy way to do this.

In every state, including Texas, there is an option to go through foreclosure by a judicial sale, which is a procedure in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and finally to the debtor if anything is left. In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a lawyer in Harlingen, Texas to find out if this is the case here. This typically does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Texas?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is crucial to remember that the bank does not really want your Harlingen house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

How Can A Harlingen, Texas Attorney Help?

If you are facing foreclosure, a good Harlingen, Texas real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Harlingen

Harlingen is city in Cameron County, Texas, located some 30 miles from the Gulf of Mexico coastline. It has a population of about 65,000 people and is the second largest city in the county. Much of the city's initial development is due to the presence of Harlingen Air Force Base, which closed in the 1960's.

Harlingen is known for being a hot spot for many sports activities and facilities. The city is home to the Rio Grande Valley White Wings, a minor league baseball team. The Valley Race Park racetrack is an indoor facility where residents can watch greyhound races.

Other popular attractions in Harlingen include the World Birding Center and the Harlingen Art Forum. Harlingen is also an ideal city for those who appreciate the fine arts. The Rio Grande Valley Art League and the Rio Grande Valley Civic Association are involved in promoting several art-themed events. The Rio Grande International Music Festival is held yearly in Harlingen.

Lawyers in Harlingen, Texas reflect the city's commitment to fostering a volunteer spirit. Many Harlingen lawyers are participants in the city's numerous community service organizations. The city is served by the Harlingen Municipal Court.

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