Tag Archives: #DallasLawyer

Key Aspects of a Texas Home Foreclosure

The process of a Texas home foreclosure involves for main aspects. When a home is purchased in Texas and a loan is taken out, two documents are usually signed. They are a promissory note and a deed of trust. The first states that you agree to pay back the loan. The second gives the lender the ability to foreclose without going to court. When a mortgage payment is missed there is a grace period. However, after that grace period you face foreclosure. What Does a Foreclosure Look Like? Four main factors in a Texas foreclosure are as follows: Nonjudicial foreclosure. Since Texas is a nonjudicial foreclosure state, lenders are not required to go to court before foreclosing. This means the process could happen suddenly and move more quickly. The creditor will follow state specific steps to foreclose on the home. Deficiency judgement. If the house is sold for less than…
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What Can Declaring Bankruptcy Do for Me?

There are many common misconceptions about what bankruptcy can do for someone. When bankruptcy is declared, a person is given the opportunity to repay debts. During that time, they will be protected by the federal bankruptcy court. The two most common forms of bankruptcy are liquidation and reorganization. Chapter 7: Liquidation Bankruptcy Not everyone can file for Chapter 7 bankruptcy. To do so, your situation must pass what is known as the “means test”. This test is a formula used to determine if your income is low enough. It combines household incomes and then subtracts expenses while factoring in the number of people in that house. Once qualified, Chapter 7 bankruptcy can erase most of your unsecured debts. Some of your property may be sold if it isn’t exempt, which most things are. To pay back secured debts, you are given the option of having items repossessed. But if the…
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