Legal Question in Real Estate Law in Texas

I purchased raw land in a golf resort (Tapatio Springs) in Boerne, TX. I have never missed a payment. I have been notified of a balloon notice on this property. Due to a fixed income (I am 80 y.o.) I will have great difficulty in acheiving the inflated amount by the deadline. I am being harrassed over this by the bank. The property management company has been in foreclosure and just got out of court on the 2nd of this month, March. I had previously been advised not to continue paying homeowner dues and not to be overly concerned with the taxes. I am not comfortable with this. If the company was in foreclosure was I/am I still liable for all payments at this time i.e. property taxes, mortgage payment on land, homeowners dues. The property company has under gone one transition already and they are attempting to get rid of current management so they can rejuvenate the resort and grow it. Can you help me is their a way to restructure my payments to make it affordable? Has the foreclosure possibly generated a breach of contract? What can I do about the harrassment from the bank? Thank you I appreciate any help you can provide.

Asked on 3/04/10, 8:06 am

Nicholas Dupre Stone and Associates, LLP

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Again, all this depends on what the loan documents provide. I'd be happy to review them if you like.

Answered on 3/12/10, 1:50 pm

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