I need advice on foreclosure in TX?
by Mortgage Rates on Saturday, September 25th, 2010 | 3 Comments
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if you can still swing the payments, then don’t abandon the house. The market will turn around one day. Just because it isn’t worth what you paid for it, doesn’t mean you should bail out. If you truly cannot afford the payments now because of reduced income, then remember you still have to find another place to live, and it won’t be free unless you move in with relatives (and that is not pleasant usually). Bankruptcy and foreclosure will ruin your chances of buying another house, and maybe even renting. Do you have plans on buying a new car soon – then your credit report would not be good. Think of all the long term disadvantages to bankruptcy.
If you live in a state that allows recourse loans, which I believe Texas allows, and the loan is a recourse loan, yes, they can pursue you in court and get a judgment for the difference. In many states, they can then go after your personal property (think OJ’s Heisman Trophy) and garnish your wages.
Go to http://702forhope.com/ for some great advice on your situation. You may not have to give up your home