Legal Question in Real Estate Law in Texas
Foreclosure on House
Our rent house in spur is empty and we can not afford the mortgage payment. After receiving a letter from the mortgage company stating they have started proceeding to collect on the lein we recieved another letter stating the mortgage has been sold. Does this new company have a waiting period before they can go ahead with the foreclosure? Would it be better to file a quip claim deed? And how do we go about doing that? It is more complicated living out of state and our local lawyers don't like dealing with Texas laws.
We would appreciate any help you can give. Thank you.
1 Answer from Attorneys
Re: Foreclosure on House
IF the lender will take a deed from you in lieu of foreclosing, that is the way to go as a foreclosure will cloud your credit. you should contact the lender and ask. I cannot answer your timing question wihtout knowing whther the property has already been posted for foreclosure.
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