Tag Archives: Foreclosure

What Are the Most Common Bankruptcy Fears?

Bankruptcy has a bad reputation in the US as something that will permanently destroy your finances and cost you important assets. However, bankruptcy’s reputation is undeserved. For people who cannot pay back their debts and who are at risk of having their assets seized, bankruptcy can be an extremely useful tool. Attorneys are used to hearing the following fears when people are considering filing for bankruptcy. My credit will be permanently destroyed: Your credit report will be influenced by filing for bankruptcy. However, this common fear needs to be put into perspective. If you are already very far behind on payments, then your three credit reports have already likely taken a beating. Depending on your situation, you may risk further damage to your credit and having assets or wages seized by creditors. In other words, you might cause your finances more damage by waiting to file. Furthermore, you can still…
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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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Foreclosure Tips: How to Take Action Against Unfair Mortgage Lending

Unfair mortgage lending practices can mean a multitude of different things including: taking advantage of an unassuming borrower, charging excessive points and fees, and engaging in fraudulent and deceptive conduct during the formation of the loan process. There are protections for borrowers under the Truth in Lending Act (TILA), and an amendment to the lending act called the Home Ownership and Equity Protection Act (HOEPA). TILA ensures that lenders are disclosing all their pricing and payments they have received clearly and accurately. HOEPA makes sure that lenders are not charging late fees over 4% of the past due payment. Be prepared for the worst Keep track of your transactions: The lenders are required by law to keep you updated on payment due dates, payment amounts, any associated late fees or service fees, and notices of foreclosure dates. Basically, everything. Make sure you keep track of everything going back and forth…
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