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San Antonio Law Blog

Finding an alternative to foreclosure

Many people who are worried about losing their home to foreclosure want to find an alternative that will help them solve their financial issues. The good news is that there are many alternatives to foreclosure. In the vast majority of situations, taking early action to address the foreclosure proceedings can make it possible for people to find a more favorable option.

However, unfortunately, some people wait too long to address their financial issues and to communicate with their lenders. The following are some of the most common alternatives to foreclosure that you should consider if you are worried about not being able to make mortgage repayments.

Good communication could help prevent foreclosure

Those who have a mortgage and are currently struggling with financial issues are particularly vulnerable to foreclosure. When people are in this position, they may worry about missing their mortgage repayments. However, even when they foresee this as being a potential problem, they are often overly optimistic and expect that the problem will be solved naturally.

Those who do not take action to address their financial issues and miss their mortgage repayments as a result often find themselves in more serious trouble. Their mortgage provider will likely make contact immediately after the payment is missed. If payments continue to be missed, threats of foreclosure will be made, and if no action is taken the person in question could lose their home.

Do you actually know how much money you have?

Do you know how much money you have in your wallet? What about your bank account?

That's a good start, but the reality is that people often do not know what their assets look like. For example, do you have multiple bank accounts? How many? How much money is in each?

How to stop foreclosure in its tracks

Facing foreclosure can feel extremely stressful. If you believe that you will struggle to afford your mortgage repayments in the coming months, you may start to jump to worst-case-scenario thoughts and imagine losing your home in the near future. While fearing the worst can be counterproductive, taking action to prevent such situations from arising is important.

You should take action to prevent foreclosure as soon as you realize that you may encounter financial difficulties in the future. Ignoring the problem will only hinder your progress and heighten the risk of losing your home. The following are ways to take action and stop foreclosure in its tracks.

How to protect your business assets in a divorce

Going through a divorce can be complex no matter the financial situation a person is in. However, if you own a business and have a high number of assets, it is reasonable to be concerned about losing a significant portion of these assets when going through the divorce. If you want to file for divorce but you are hesitant to do so because of the possible financial implications, you should make sure that you understand some of the key strategies for protecting your business.

In Texas, community property is recognized. This means that all marital property that is subject to division at divorce is divided equally, regardless of which spouse contributed most to the acquisition of assets. This can be detrimental to business owners who want to retain the assets they have worked to acquire. The following are some key ways to protect your business assets.

Adoption laws in Texas

Whether you have your own biological children already or if you are yet to start a family, adopting can be a rewarding and life-changing experience. If you are currently thinking about your future and you are thinking about adopting a child in Texas, you should first take the time to understand the laws in place in the state.

Understanding the basics of the law is a good place to start because it will set the foundations of your understanding. From there, you will be better equipped to predict the likely timeline of the adoption process.

Don't overlook the importance of health care directives

Do you have a document in place directing how you want your health care to be managed if you're unable to speak for yourself? Known as a health care directive or medical power of attorney, this important document helps explain to the powers that be exactly what you do (and don't) want to happen to you -- and who should be in charge of making any decisions on your behalf.

Yet, two-thirds of Americans don't have anything like this in place. If you don't have a medical power of attorney in place, that means:

  • You are missing an opportunity to make certain that your wishes regarding your health care are clearly understood.
  • You have no one designated to make decisions on your behalf -- which can lead to conflicts between your family members and between family members and hospital staff whenever there are differences of opinion.
  • If you have to go into extended care and are unable to make your own decisions, you have no guarantee that someone you trust will be put in charge.
  • You may be left to linger on artificial life support when you would prefer to be allowed a more natural ending.
  • If you wish to be an organ donor after your death, there is no one with the clear authority to grant permission to harvest the organs.
  • It may not be clear what you want to be done with your body after death -- which means that you may not get the services or the burial that you desire.

How to actively defend yourself from foreclosure

If you are struggling to keep up with your mortgage repayments, you may be worried that you will risk losing your home due to foreclosure in the future. A foreclosure tends to be the last resort option taken by creditors when they are unable to retrieve the mortgage payments that they are owed. If interventions are taken early in the process, it can be possible to avoid foreclosure proceedings completely.

However, if your lender has already taken action to start the foreclosure process, it will be necessary to engage in foreclosure defense. The following are some of the most common forms of foreclosure defense that you may be able to make use of.

Wondering if you'll get divorced? Consider these red flags

Divorce comes to many marriages in time. You may have felt happy and content on your wedding day, but a lot can change in the years to come. You may appear successful and happy from the outside, making a great living and enjoying life, but your personal relationship may not reflect that.

If you're curious about what red flags signal that a divorce is in your future, here are a few things to keep in mind:

  • It's problematic if you want to have a child and your spouse does not want to. This applies both to having a first child and expanding your family after you already have children.
  • You face higher divorce odds if you got married young.
  • Oddly, you may have higher divorce odds if you have two daughters than if you have two sons.
  • Medical issues with children can also cause divorce, even if they are "minor" issues. For instance, parents who have children with ADHD have higher divorce odds.
  • Testosterone levels also make a difference for men. Those with low testosterone have lower divorce odds than those with high testosterone levels.
  • If you lived with a previous partner before getting married to your current spouse, you are much more likely to split up.

How can I keep my vacation home in a Texas divorce?

If you have been married for many years or have a high amount of assets, one of the most difficult aspects of divorce could be dividing assets between yourself and your spouse. Remember that the state you are choosing to divorce in dictates a significant number of laws around how divorce is processed. Pay specific attention to them.

In Texas, community property law is followed when it comes to asset division. This essentially means that all marital assets are divided equally between spouses. This is in contrast to equitable distribution states. In these states, marital assets are divided between spouses in a way that is deemed to be fair and equitable considering the circumstances. If you want to make sure that you keep your vacation home in Texas, the following are some of the ways that you can do this.