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Posted by Don Texas has unlimited homestead exemption on October 28, 2004 at 00:45:17:
In Reply to: I Don't Know What To Do posted by Near The End on September 29, 2004 at 22:24:24:
: Ok, here it goes maybe someone out there can help point me in the right direction.
: My wife and I own a mobile home on 1.5 acres of land in Texas. The home and land are seperate mortages. We owe more then what the property is worth and we have taxes that are due. The house has been on the market vacant now for almost 6 months without any luck.
: I have contacted the lenders and they will not accept a short sale of the home and land even with the idea that we may have to foreclose. Since the home and land are seperate, I have considered forclosing on the home and keeping the land. I'm sure that the fair market value of the home would be well below what is owed, the question becomes will the lender file a deficiency judgement? If they do file the deficiency judgement does that mean that our wages will be garnished or can we work out other payment arraingements?
: I spoke with an lawyer today who recommended bankruptcy after seeing our balance sheet (we have not made good decisions). My wife is concerned that having poor credit may cause her to lose her new job.
: I am totally lost. If bankruptcy is what happens can one lead a life after bankruptcy, things as simple as renting an apartment.
: Anyone have any suggestions on how to get out of this mess?
I did a little research and Texas has an unlimited homestead exemption and if you go into bankruptcy your lawyer can get your place free and clear.
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