What is Foreclosure in Lubbock, Texas?

Find the right Foreclosure Bankruptcy attorney in Lubbock, 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 Lubbock, Texas When a house is foreclosed, it is normally sold at auction shortly thereafter. This is because banks normally 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 "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 Lubbock, 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, you should never ignore the matter. As unpleasant as it seems, it is essential to stay on top of the issue. Ignoring the problem will never make it go away. It is essential to remember that banks don't really want to own homes in Lubbock. 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 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 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 Lubbock, Texas Attorney Help?

If you think foreclosure is imminent, a good Lubbock, Texas attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Lubbock

Lubbock is located in Lubbock County, Texas. It is specifically located in the north west region of the state. The 2010 census has reported its population to be 229,573 people. It is the eighty-seventh most populated city in the United States, and the eleventh most populated city in Texas.

It's nickname is "Hub City" because the city is seen as an education and health care hub of the South Plains region of Texas.

Interestingly, CNNMoney.com ranked it twelfth amongst the best places to start a small business. With Lubbock being a business-friendly area, naturally it has a strong legal force to support local businesses and residents. Therefore, residents and businesses do not have to travel far to receive excellent legal care!

Popular sites include the National Ranching Heritage Center, the Southwest Collection, Texas Tech University and the Museum of Texas Tech University.

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