Legal Question in Real Estate Law in Texas

I live in Texas. I have a home that I can no longer pay for. This is the first month of non-payment. I have tried selling the home as well as renting it out. The housing market dropped a lot the past couple of years in my area. My home once worth $125,000 is now worth around $65,000. If and when the mortgage company forecloses on the home, can they take money out of my bank account without my permission? I just do not want to end up not having any means to support my child when all is said and done. The stress of this foreclosure is affecting my entire family home life.


Asked on 7/05/12, 2:34 pm

1 Answer from Attorneys

There are a number of options. You can try to sell the house for less than the loan amount (called a short sale), or possibly return the house (deed in lieu of foreclosure) or loan modification. Don't just ignore the situation. Feel free to call me if you want to discuss this for free.

Dave

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Answered on 7/05/12, 4:57 pm


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