Foreclosures Help Information

Posts Tagged ‘texas’

Stop Foreclosure Texas

Financial Settlements are one of the primary concerns for most of those ongoing divorce cases, in Austin courts today. Stress adds in when there exists a mortgage involved while settling financial disputes. The couple wanting to have the complete ownership of their home equity in most cases work cynically together. But, if you are resilient, wanting to move ahead with your life independently, a quick sale is the most precise option which generates immediate funds to financially support your decision.

A Quick Sale though convenient as it sounds, becomes more of a snag when couples aren’t amicable and have unrealistic expectations. In some marriages only one spouse handles the payment of the mortgage. Often times during a divorce through whatever reasons, bills go unpaid. The spouse living in the house is then placed in difficult situations in regards to the mortgage. Divorcing couples, mostly are naïve to the real estate market, are not aware of rescue options that are available to save their homes. The end result is a foreclosure, which could have been well prevented.

I am not going to get into the details of obtaining a mortgage. Lets dive into pitfalls of foreclosure. When one Mortgage payment default leads to another and when skipping payments becomes habitually repetitive, the lender would initiate their efforts to take the house back and auction it off for sale, to recover the loan amount. This process of recouping the loss of mortgage is termed as foreclosure. The lender or the banker files a “foreclosure petition” in the local tribunal courts and the legal proceedings are carried forward by the court and county sheriff. If there is no justifiable response from the mortgagee, the county sheriff would carry out the court order for auction and all proceedings from the sale will be disbursed according to the claims arbitrated by the lender.

While foreclosure attempts to reimburse the lender of the loan amount, the mortgagee usually looses out heavily through his credit score. Foreclosure, is the second worst credit nightmare, which can bring down a defaulted mortgagee’s score drastically. So, if you are one who is struggling to make mortgage payments or find yourself in troubling situation due to your divorce, then I would recommend you opt for quick sale. A quick sale can provide you both with cash and salvation from the consequences of foreclosure. One of the safest and easiest quick sales that I know of is a Cashout option. The Troubled Homeowner Organization offers struggling homeowners the ability to have their back mortgage payments paid and cash settlement within days. The Cashout option is known for its reputation to help mortgagee move on with their lives and overcome foreclosure. All kinds of homes, including single-family, multi-family, rundown, dilapidated ones found in poorer neighbourhoods and even those that are danger of repossession can qualify for the Troubled Homeowner Cashout program. Troubled Homeowner is another firm whose business sincerity has helped many mortgage payment defaulters escape a foreclosure sale. You may choose to contact them online, by fully filling out the online form and a Troubled Homeowner representative will be contacting you back to discuss about your mortgage case.

About the Author:

Article Source: ArticlesBase.com - Stopping a Foreclosure during a Divorce in Austin,Tx

Stop Foreclosure Texas

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Foreclosure Law In Texas

There is no doubt that the amazing men and women who serve in the United States military are the finest our country has to offer.  They have made the choice to risk their lives to protect each one of us and we can never repay them enough.  The commitment that the members of our armed forces are asked to give has become even more significant in the wake of the September 11th terrorist attacks.  We now have service members who are sent to the other side of the world for a year or more at a time, only to return home for a few months and then do it all over again.  With many of our military troops away in Afghanistan, Iraq, and other bases around the globe, military families are left at home struggling to pay the bills in the midst of this difficult economic recession.  The unfortunate result is that federal bankruptcy filings by members of the military are on the rise, creating additional stress in already strained relationships.

Across the country, and particularly here in Texas, citizens have been experiencing an increase in bankruptcy filings every year throughout this recent economic crisis.  According to the American Bankruptcy Institute, consumers filed 675, 351 bankruptcy filings in the first half of this year, which is up 36.5% from the same period last year. The same organization estimates that there will be a total of 1.4 million new bankruptcy filings by the end of the year, which would be a substantial increase over the 1.06 million filed in 2008 and the 801,840 cases during 2007.

The residents of Texas are faring better than the country as a whole, but there are still plenty of our Texans who are suffering.  In the twelve-month period that ended on June 30, 2009, there were nearly 50,000 incidents of bankruptcy filings in the Lone Star State.  The Southern District of Texas, which includes Houston, was the only region of the state to experience a decrease in filings over the past year. However, even this region of Texas is seeing the number of bankruptcies accelerate as the year progresses.

What do these daunting numbers mean for our military servicemen and women?  In the state of Texas alone, there are close to 200,000 military personnel representing every branch of the armed forces. From Randolph Air Force Base in San Antonio to Fort Hood to Corpus Christi Naval Air Station, service members and their families are operating on incomes that are certainly less than they deserve and are often worried about how next month’s bills are going to be paid.  Naturally, the financial situation is particularly strained when children are involved.  With one parent overseas, there is the decision that must be made between surviving on one military income or paying the cost of full-time day care and returning to work for an additional paycheck.

Just looking at recent homeowner foreclosure statistics provides one important indicator regarding the money crunch that soldiers are facing.  The number of homes in foreclosure in the United States rose 59 percent in the first quarter of 2008 when compared to the previous year. Foreclosures during the same time period in towns near military bases were up an average of 217 percent.  Our men and women in uniform are undoubtedly experiencing a disproportionate level of economic hardship. Fortunately, there are some protections in place for the members of our military who must face these difficult decisions.

The most significant piece of federal legislation that works to save the assets of our military personnel is the Servicemembers Civil Relief Act (SCRA). The SCRA prevents the filing of a default judgment by a creditor, requires that notice be given to a military member about his or her accounts, and can wipe out judgments and garnishments against service members. These protections often help to make filing for bankruptcy unnecessary for members of the military, or at least diminish bankruptcy as an appealing option.  And, the SCRA extends to anyone who is a co-signer or shares debt with a military member, which certainly helps the family members who are making financial sacrifices at home.  In order to qualify for the protections offered by SCRA, personnel must show that their service is materially affecting their ability to pay the bills.  For most young, enlisted families, such verification will not be difficult.

Texas also offers bankruptcy protection for those serving in the military, as spelled out in MISC 10, 1035, 46, 1111, 38 and 562 of the Texas Bankruptcy Code. This law states that if a debtor is serving active duty in the military and is stationed abroad, his or her military deposits in savings accounts are exempt from seizure.  As is also enforced on the federal level through the SCRA, Texas bankruptcy law states that U.S. courts can stop any judgment if ability to pay is directly affected by military service.  This exemption usually remains in place through the length of the debtor’s military service plus three months.  If the immediate need to pay creditors is removed, then some of the pressure to file for bankruptcy protection is hopefully alleviated.  It appears that the U.S. government recognizes the financial strain that is being placed on our military families and has taken these steps to provide at least some level of relief.

About the Author:

Tony R. Bertolino is the managing partner at Bertolino LLP with law offices located in Austin, Houston and San Antonio, Texas. A member of the Trial and Appellate Litigation Team, Mr. Bertolino’s practice is devoted largely to complex transactions, commercial litigation, business law, entertainment law and family law matters. You can read more about Mr. Bertolino at www.belolaw.com

Source - Military Members Who are Facing Bankruptcy in Texas Have Legal Protections

House Foreclosure - Busby & Associates - Houston, Texas

Mortgage Foreclosure Texas

Question: Did the new bankruptcy laws lead banks to be overconfident with lending and to the mortgage/credit crisis?

Washington Mutual Inc. got what it wanted in 2005: a revised bankruptcy code that no longer lets people walk away from credit card bills.

The largest US savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank.

http://www.boston.com/business/personalfinance/articles/2007/11/11/shift_in_bankruptcy_laws_staggers_mortgage_holders/

>

Answer: Actually, I think you may be partially right in that the new bankruptcy laws are preventing people from getting out of these loans. However, they are not corollary causes to a single effect.

When the government demanded that the banks make ARM (Adjustable rate mortgages) available to anyone basically with a pulse or who could still breathe in order to prevent instances of discrimination, it opened the door for abuse which subsequently came running.

Now the same government which instigated the direct cause of the problem is coming in to fix it? In my humble opinion, that will only lead to further difficulties.

However, while there are sometimes extenuating circumstances, teaching people that they actually have responsibilities in addition to simply having their rights would have successfully prevented many of these difficulties. If people are out spending money on their credit cards or signing financial agreements without knowing what they are signing or how much it is going to cost them, it is a little difficult for me to personally be too sympathetic.

That is not to say that there were not also some less than scrupulous lenders who also took advantage of the situation though. Unfortunately, it is doubtful that anyone will ever enter this investigation with any real hopes of solving anything other than how to give the government even more power.

IMHO

Fort Worth Real Estate Foreclosure Texas Homes