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ramifications of forclosure in texas

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yamaha_445 Joined: 06 Feb 2009 Posts: 1 1.49 Dollars($)	Posted: Fri Feb 06, 2009 7:37 pm    Post subject: ramifications of forclosure in texas Like 0 Dislike 0 What are the ramifications of foreclosure in Texas. I live in a double wide mobile home and am tired of the high utility bills and such. Value is @50k and i owe 68K.
jstncredit Joined: 05 Feb 2009 Posts: 28 10.12 Dollars($)	Posted: Tue Feb 10, 2009 6:15 am    Post subject: Like 0 Dislike 0 If you do not make regular mortgage payments the creditor can file a suit against you to obtain a court order for foreclosure of the property. Before initiating the foreclosure process, the lender have to give a 20 day period to the borrower by which the borrower can pay the default amount and avoid foreclosure. The Texas law does not allow redemption of the property by the borrower after the sale due to foreclosure. If the sale amount is less that the outstanding mortgage amount, the lender can even sue you to recover the outstanding amount.

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