What is Foreclosure in Pasadena, Texas?

Find the right Foreclosure Bankruptcy attorney in Pasadena, 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 Pasadena, 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 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 Pasadena, 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 most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away. You should stay in touch, and be honest with, your creditor as much as possible. It is critical to remember that banks don't really want to own homes in Pasadena. 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 believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A Pasadena, Texas Attorney Help?

If you are worried about foreclosure, a good Pasadena, Texas real estate attorney may be able to help. An attorney can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Pasadena

Pasadena, Texas is a city in Harris County. It is the second-largest city in Harris County, and the 15th largest city in Texas.

Before Europeans settled the area now known as Pasadena, several different Native American tribes lived there for thousands of years. Some of the final battles of the Texas Revolution, which resulted in Texas gaining independence from Mexico and becoming (for about ten years) its own country, were fought in the area now occupied by Pasadena. The 1900 hurricane that destroyed Galvaston also damaged Pasadena, but it resulted in a large influx of refugees into Pasadena, some of whom decided to stay. This led to a permanent population increase.

Modernly, Pasadena is home to one of the largest chemical processing complexes in the United States. It is called the Bayport Industrial District, and it is a crucial source of jobs in Pasadena, Texas. It is also home to a major shipping center, which is rapidly expanding the city's economic base.

If you live in Pasadena and are in need of a lawyer, the chances are good that you'll be able to find one. Pasadena, Texas lawyers practice law in a wide variety of legal areas, and will probably be able to take your case, no matter how large or small it is.

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