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Webster Texas Bankruptcy Blog

Know what to do if you'll miss your next mortgage payment

A foreclosure is difficult for anyone to go through, but it is an absolute nightmare for those who have done everything they can to prevent the sale of their home. A foreclosure is a legal process where the lender repossesses your home. When this happens, you have no choice but to move out of your property.

In the case that your property is worth more than you owe, there may be a chance that you can sell it and avoid foreclosure. However, if it is worth less than you owe, the lender could pursue a deficiency judgement. This judgment would give the lender the right to pursue the remaining difference from you after the sale of the home.

Alternatives to foreclosure could help you save your home

If you're facing foreclosure, the good news is that there are some alternatives you can consider. These options may give you the opportunity to save your home and to prevent the damage to your credit rating that a foreclosure can cause.

The foreclosure process generally begins after you miss several payments on your mortgage. The lender uses foreclosure to take legal possession of your home. This means that you lose all the money you put into your home, and you may lose your home completely. Typically, foreclosure properties are sold at auction.

Understanding the reality of a Chapter 13 bankruptcy filing

There are many reasons why a person in the state of Texas might start to struggle to repay debts that they acquired. There are countless uncertainties in life, and unexpected occurrences often come with financial burdens. For example, losing a job can happen quickly, and health problems can lead to extortionate medical bills.

If you start to face financial hardships, you may want to consider the benefits of filing for bankruptcy. A bankruptcy filing is often looked at as a "last resort." However, by filing relatively early in your struggle with increasing debt, you may be able to shorten the repayment period. Before filing for bankruptcy, you should take the time to understand more about what types of sacrifices it requires.

Color Spot Nurseries appoints new leader after bankruptcy

If you're interested in following news about businesses that have entered into bankruptcy, then you may be pleased to know that Color Spot Nurseries has emerged from bankruptcy and will continue to operate. According to the Aug. 21 news release, the company is the country's largest greenhouse.

The company offers several services and items including bedding plants, high-value patio planters, hanging baskets and perennials. Interestingly, the company appointed a new chief executive officer (CEO) following the bankruptcy. He has been with the company for 20 years and played a part in several roles in the company's operations.

Is bankruptcy the right choice to get rid of debt?

A personal bankruptcy is something many people don't want to look into. They may feel it's a kind of defeat to agree to bankruptcy, even though bankruptcies could be the fresh start they need.

As someone struggling with credit-card debt, you're in a good position when it comes to bankruptcies. The bankruptcy code generally permits all unsecured debts to be eliminated upon a bankruptcy discharge, which means you could eliminate all your credit debt through this process if you chose to do so.

Advice for negotiating with mortgage lenders to avoid foreclosure

If you're facing the threat of falling behind on your mortgage payments, it might not be the end of your home ownership. You will have a lot of different options available to try and prevent the foreclosure from happening or to defend against foreclosure if you bank attempts to start the process.

In many cases, your first line of defense will involve calling your mortgage lender, honestly discussing your situation and trying to negotiate more favorable payment terms that you can afford.

Are there any consequences of Chapter 7 bankruptcy?

As you begin to learn more about Chapter 7 bankruptcy, you'll quickly turn your attention to the way this allows you to rid yourself of most debt and gain a fresh financial start.

While this is the primary benefit of Chapter 7 bankruptcy, you shouldn't move forward with the idea that there are no consequences. Instead, you need to compare the pros and cons to ensure that you are making the right decision.

Sent a foreclosure notice? Understand the basics of the process

Since 2008, thousands of families have filed to foreclose on their homes. Lost jobs, medical expenses or child costs create risky scenarios and leave individuals unable to make mortgage payments. As bills go unpaid, banks begin the process of a foreclosure sale on your home.

If you receive a foreclosure notice, you may wish to identify your assets and determine whether you can pay your owed fees. Throughout this emotional and financially uncertain time, it proves essential to understand the basic principles behind a foreclosure.

3 ways to defend against the foreclosure of your home

If you've missed paying several payments on your home mortgage, your bank could be preparing to foreclose your home. In fact, you've probably already received a letter notifying you of the foreclosure process, which may be why you've turned to this article for a solution. While there's no substitute for speaking with a professional foreclosure defense attorney, here are three common strategies that foreclosure attorneys use to fight this legal process on behalf of their clients:

Negotiating with the lender

Texas hotel bankruptcy dismissed

Employees who worked for the Wyndham Garden Hotel in Amarillo, Texas, were hit with financial hardship after their employer closed up shop last September without notice. The employees had an especially difficult time when they didn't receive paychecks for the work they had completed for the hotel.

According to ex-managers from the hotel, they and the rest of the employees had to wait until Dec. 26 before getting paid. Ultimately, the hotel owed the employees money for two pay periods. One of the managers said, "I had a lot of employees that were calling me. Of course, they were concerned when they were going to get paid and we didn't know when anyone was going to get paid."

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