What is Foreclosure in Odessa, Texas?

Find the right Foreclosure Bankruptcy attorney in Odessa, 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 Odessa, 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 all states in the U.S., including Texas, there is an option to go through foreclosure via judicial sale, in which a court supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Odessa, Texas to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Texas?

Most importantly, you must not dismiss 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 honest with them. It is critical to remember that banks don't really want to own homes in Odessa. 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 allow you to keep paying them in the long run.

If you can't work anything out with your lender, or have become totally 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 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 Odessa, Texas Attorney Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Odessa

Odessa, Texas is a city in Ector County, Texas, and it has a population of about 100,000 people. It is the principle city in the Odessa Metropolitan Statistical Area.

Odessa was founded as a water stop for the Transcontinental Railroad in the 1880s. From these humble beginnings, it gradually grew into a thriving medium-sized city.

The major employers in Odessa are the school district, hospital, and the Halliburton Corporation, which has an office in the area. These employ thousands of people in a wide variety of disciplines.

The Odessa area is currently a major regional center for the performing and visual arts, particularly the Midland-Odessa Symphony Orchestra. It is also home to the Presidential Museum and Leadership Library, focused on the Presidency of the United States. It is dedicated to informing the public about the office of the presidency, rather than any particular president.

There are many lawyers in and around Odessa, Texas, who reflect the diversity and values of the community. There are plenty of Odessa, Texas attorneys who can handle just about any legal issue you might be facing. If you need legal assistance of any kind, an Odessa, Texas attorney can help.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY