What is Foreclosure in Sugar Land, Texas?

Find the right Foreclosure Bankruptcy attorney in Sugar Land, 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 Sugar Land, 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 United States, including Texas, foreclosure by judicial sale is an option. This allows the sale to be done under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. 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 Sugar Land, 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?

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 Sugar Land 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 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 Sugar Land, Texas Attorney Help?

If you are worried about foreclosure, a good Sugar Land, 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 Sugar Land

Sugar Land is an affluent suburb located in Fort Bend County, Texas. The U.S. Census Bureau, in 2011, has estimated the population to be 84,511 people. When the area is described as affluent, this is no joke. The median family income is ,261!

The history of Sugar Land is rooted in the sugar plantation industry--hence the name. It is the headquarters of Imperial Sugar.

CNN Money ranked the area third on its list of "100 Best Cities to Live in the United States." Also, it was voted as the "Fittest City in Texas" in 2007. Not only do residents work hard for their money, but also to stay in shape.

Some great attractions to check out is Sugar Land Town Square, First Colony Mall, and the Sugar Land Ice and Sports Center.

Major employers include Western Airways and Nalco Energy Services, Imperial Sugar, Schlumberger, Minute Maid, and BMC Software. Sugar Land is also home to well-experienced attorneys, law offices, and well-established small to mid size firms. Therefore, residents and local businesses do not have to travel far to receive legal guidance in any and every area of law.

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