Texas Foreclosure Questions

Posted by Alex on January 13, 2005 at 16:11:39:

I'm going to have to foreclose, and have a few questions I hope you all can help me with:

1. I've read "Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default." - Does "time of sale" mean the time when I purchased, or when the new owner would purchase? Right now similar condos in my area are selling for less than what I owe; does this mean I can avoid a deficiency judgement (assuming the judge accepts the evidince I provide)?

2. Is a foreclosure going to hinder me getting an apartment rental lease? I plan on signing one before they foreclose, but I'm wondering about the renewal.

3. Even though I know I will never get what I owe, will it help me at all in court if it looks like I tried to sell the home? I'm about 10-15k upside down, and don't have the cash to cover it.

4. How will the deficiency judgement be inforced? Will they just send me a bill, garnish my wages, ???

Follow Ups:

• Re: Texas Foreclosure Questions - Ty 00:58:02 01/17/05 (0)

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Comments:
: I'm going to have to foreclose, and have a few questions I hope you all can help me with:

: 1. I've read "Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default." - Does "time of sale" mean the time when I purchased, or when the new owner would purchase?  Right now similar condos in my area are selling for less than what I owe; does this mean I can avoid a deficiency judgement (assuming the judge accepts the evidince I provide)?

: 2.  Is a foreclosure going to hinder me getting an apartment rental lease?  I plan on signing one before they foreclose, but I'm wondering about the renewal.

: 3. Even though I know I will never get what I owe, will it help me at all in court if it looks like I tried to sell the home?  I'm about 10-15k upside down, and don't have the cash to cover it.

: 4.  How will the deficiency judgement be inforced?  Will they just send me a bill, garnish my wages, ???


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