What is Foreclosure in Port Arthur, Texas?

Find the right Foreclosure Bankruptcy attorney in Port Arthur, 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 Port Arthur, 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 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 Port Arthur, 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 straightforward with, your creditor as much as possible. You should remember that banks in Port Arthur don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are straightforward with them, lenders will normally try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

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. You may also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Port Arthur, Texas Attorney Help?

If you are faced with the possibility of foreclosure in Port Arthur, Texas, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Port Arthur

Port Arthur is experiencing an economic revitalization with nearly billion in projects involving energy infrastructure. Golden Pass and Sabine Pass LNG terminals are the largest and would bring in millions of dollars to Port Arthur each year. Port Arthur is one of Texas' leading seaports and was in the news recently when an oil tanker and barge collided. Port Arthur is connected to the rest of Texas intersecting with a number of US and state highways making it ideal for transportation and distribution. Being the center of so much business, Port Arthur has some of the best outlet and shopping in the area. The business boom has also attracted a number of lawyers to the area to help sort out any legal problem that may arise. Port Arthur lawyers know business law well but many also focus their practices in other areas like family, criminal, and immigration law.

Port Arthur offers a number of worthwhile educational outlets like public libraries and schools. The Bob Hope Charter School and Lamar State College are both located in Port Arthur. Notables of Port Arthur include Janis Joplin, Jimmy Johnson, G.W. Bailey, and rap group UGK. Port Arthur has seen major damage from Gulf of Mexico hurricanes and tropical cyclones like Hurricane Rita, Humberto, Ike, and Tropical Storm Eduard. Luckily, Port Arthur residents have prepared successfully beforehand or recovered from the forceful damaging storms.

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