What is Foreclosure in Irving, Texas?

Find the right Foreclosure Bankruptcy attorney in Irving, TX

Foreclosure is a legal procedure in which a mortgage lender recoups some of its losses in the event of default by acquiring possession and/or ownership of the home that secured the loan in the first place in Irving, Texas When a house is foreclosed, it is usually sold at auction shortly thereafter. This is because banks usually want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an simple way to do this.

In every state, including Texas, there is an option to go through foreclosure by a judicial sale, which is a process 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 lastly to the debtor if anything is left. In numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult an attorney in Irving, Texas to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Texas?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be honest with them. You should keep in mind that banks usually don't want to take your Irving 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 prevent you from defaulting.

If no deal can be worked out, or the mortgage payments have become prohibitive, you may 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 generally 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 may be forgiven. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Irving, Texas Attorney Help?

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

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Life in Irving

Irving, Texas is most notable for encompassing the master-planned Las Colinas development and the Mustangs at Las Colinas sculpture, which is the largest equestrian sculpture in the world. The massive sculpture depicts a band of horses running through a splashing fountain at 1.5 times their actual size and extends 400 feet. Others may know Irving as the home to the Dallas/Fort Worth International Airport that fits just inside city limits. The outstanding neighborhoods and easy airport access makes Irving an ideal location for business executives to headquarter their businesses.

Irving is home to lots of household names like Chuck E. Cheese's, Hostess Brands, Omni Hotels, ExxonMobil, and Kimberly-Clark producer of Kleenex, Cottonelle, Huggies, and Kotex feminine products. Additionally, the National Headquarters for the Boy Scouts of America calls Irving home. You know it's a standout community when the Boy Scouts approve.

Notable residents of Irving include ZZ Top drummer Frank Beard, Olympic sprinter Jeremy Warner, pro football player Demarcus Faggins. Surprisingly, Lee Harvey Oswald, accused assassin of President John F. Kennedy, lived with his family there for a period of time. Many believe he lived within Dallas. Irving has much more history for visitors and residents to enjoy because it's been around for over a century. Irving was founded in 1903 and named for author Washington Irving who was a favorite of a co-founder's wife.

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