Legal Question in Real Estate Law in Texas

Foreclosure on residence

We bought a manufactured home and were forced to move out and rent it because of increased taxes (which increased monthly payments). Its market value is lower than payoff amount by $20,000 or more. Our 2-year renters just left. It will no longer rent for enough to cover payments. We are on social security/disability/part-time work (age 72 & 64) and cannot pay the monthly difference ($300). Foreclosure seems inevitable. Are there any steps we can take to minimize the damage to our credit rating (currently 716)? Or should we just send partial payments each month ($650 instead of $950)?


Asked on 11/29/06, 8:44 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Foreclosure on residence

Call your lender and turn in the keys immediately. Manufactured houses depreciate in time.

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Answered on 11/29/06, 9:35 am


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