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Posted by Jake on February 25, 2005 at 17:11:24:
In Reply to: Foreclosure consequences in Texas posted by E. Henson on February 25, 2005 at 16:08:42:
: My mother is living in a mobile home in a community in Texas. When she purchased the home she understood that the monthly payment was going to stay as they quoted. Unfortunately, that changed due to taxes, insurance, etc. Also, the lot rent at the community she is in has been raised since she's lived in the home. Because of all of this, she can no longer afford to stay in the home. None of us knows anything about trying to sell the home on our own, so she's considering just walking away from the home. If she were to walk away from it, what would the consequences be for her? Would she deal with worse than it ruining her credit (as if that's not bad enough)? Any information on this subject would be greatly appreciated.
Texas has a deficiency law that allows them to collect if the money it lacks to pay off the debt and costs. Here is a copyof the last bit: 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.
Click here for more information on Texas foreclosure laws.
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