Legal Question in Real Estate Law in Texas
Reprocussions of foreclosure
We have a house in Texas we can no longer afford. It is empty and we would like to let the mortgage company foreclose on it. What reprocussions could we expect to have besides a black mark on our credit? Is there such a thing as voluntary foreclosure?
Asked on 3/12/01, 1:06 pm
1 Answer from Attorneys
Re: Reprocussions of foreclosure
You may want to check with the mortgage company to see if they will do a 'deed in lieu of foreclosure' Many mortgage companies will do this to avoid the additional expense of foreclosure proceedings.
Answered on 5/22/01, 3:20 pm
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