San Antonio Law Blog

If your finances have suddenly become troubled due to an unexpected job loss or another financial restraint, it's important that your lifestyle changes reflect your lowered disposable income. If you have started to worry about whether you will be able to afford basic necessities such as your mortgage and grocery bills, you should sit down and prioritize your spending.

Spending prioritization may sound obvious, but the fact is that many people simply fail to take the time to establish a new budget when they start to struggle financially. As a result, their spending continues on autopilot, and their debt increases suddenly. In some unfortunate situations, this leads to families losing their homes to foreclosure. The following are some ways to budget so that you have a better chance of affording your mortgage repayments and avoiding foreclosure proceedings.

Foreclosure is not a good solution for anyone. The debtor will lose out because they will lose their home and any payments they have made toward the mortgage. The creditor also loses out because they have to put a lot of time into attempting to collect missed payments, and they'll also likely not receive all of the debt that they were owed by selling the home.

It's for this reason that the debtor often has the power to stop foreclosure in its tracks. A foreclosure only occurs as a last-resort - usually when the debtor has not cooperated with them. The following are some things that you can do to negotiate with your lender and successfully prevent foreclosure.

If you have not been meeting your mortgage payment obligations for a significant period of time, you'll likely be facing foreclosure proceedings. Foreclosure is never a good situation to be in because it will lead you to lose your home, and you'll potentially lose any money that you invested in paying off the mortgage.

In Texas, there are two ways of going through foreclosure; foreclosure by judicial sale and foreclosure by power of sale. Foreclosure by power of sale is generally considered the more convenient option. Because this type of foreclosure involves the sale of the property by the mortgage holder without the supervision of the court, this is the simpler type of foreclosure.

Those who decide to file for divorce tend not to be thinking from a financial perspective when doing so. In the majority of cases, a divorce is filed because at least one spouse believes that they will be happier when they are no longer in the marriage. While it's true that a newly divorced spouse is likely to become happier in the long term, it does not mean that they will be financially better off.

If you are considering filing for a divorce, it is, therefore, important that you take the time to understand how the process is likely to affect your net worth. Since assets need to be divided between spouses, it's possible that you will lose ownership of key assets such as the primary family home or your vacation home. The following is an overview of Texas property division laws that apply to divorcing spouses so that you can gain a better understanding.