Chances are you've seen any number of pitches touting the potential benefits of reverse mortgages in your retirement. The concept certainly sounds appealing.
Ask any comedian and they are likely to tell you that the key to success is that timing is everything. If you tell a joke and don't phrase things just right, it could very well flop. The same might also be said for the process of foreclosure.
Fewer than 1,600 homes in the North Texas area were slated for foreclosure during a lender's auction earlier this month. That's the word from the Foreclosure Listing Service.
For Texas homeowners who are "underwater" in their mortgages or those who were foreclosed upon, there may be help on the way. Ocwen Financial Corp., will pay almost $70 million to Texas homeowners who lost their homes or are considered "underwater." This is to settle claims from state and federal regulators.
The latest numbers from RealtyTrac Inc. on the state of foreclosures nationally are likely to be greeted as good news by many. From a big-picture perspective, they are encouraging.
Getting behind on the mortgage isn't something anyone looks to do. Unfortunately, the ebb and flow of the economic tide isn't something any of us has any control over, and an unexpected shift in personal circumstances can leave a family struggling suddenly to get by day to day.
No two bankruptcy cases are the same. Some may be relatively simple to deal with. Others may be complicated by additional litigation that can delay the process. The source of these challenges might be creditors that have filed suit to collect on what they claim is owed to them.
Think for a moment about what your home means to you. Maybe you bought it as a fixer-upper and made it your own with a little TLC. Maybe you started your family in your home. Perhaps your daughter took her first steps in the living room, or your son learned to ride without training wheels in the driveway. Maybe you crammed your whole extended family into the dining room that one Thanksgiving, and hosted neighborhood picnics in the backyard.
Many of our Texas readers may likely welcome the news that being bad at math is not necessarily an indicator of low intelligence. It may, however, be an indicator that a person, if that person is a homeowner, may be at higher risk of being faced with the challenges of foreclosure.
When a resident of Texas is faced with the possibility of losing their home to foreclosure, the first reaction is very likely one of panic, followed by a scramble to find some way of averting the process. That scramble can very easily lead a person down some dangerous paths that won't deliver the desired outcome. It's always best to seek the help of an experienced attorney.