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San Antonio Law Blog

Preventing foreclosure after a job loss

When you have a mortgage to pay, dealing with the loss of a job can be extremely stressful. When prioritizing your finances, you will, of course, need to buy food and gas before thinking of other things. After making sure you have enough of the basic essentials, you will then need to pay your housing and associated bills.

If you do not have any income currently due to your job loss, you may simply not have the funds to pay your mortgage. If you ignore your mortgage obligations, you could quickly face foreclosure proceedings. That's why it's important that you take action as soon as you realize that you may encounter difficulties in paying your mortgage. The following are some ways that you can help to prevent foreclosure after a job loss.

When might a short sale be right for you?

Sometimes unexpected events happen in one's life that create havoc. There may be a death of a loved one, divorce, medical bills or the loss of a job. In such circumstances, people may lose the ability to pay for their homes. Fortunately, there are many options that homeowners may be able to pursue that will allow them to stay in their homes. Some other strategies may result in the loss of the house, but not leave the homeowner with such crippling debt.

A short sale is seen as a means of last resort. It's not necessarily an option just because the market drops and you suddenly become upside down on your loan. To qualify for a short sale, you must be able to show that you're experiencing financial hardship. Not all individuals are eligible for a short sale. If a homeowner is eligible for a loan modification or refinance loan, then their lender may not approve a short sale of their property.

What's considered as a valid will in Texas?

Each state's laws dictate what's considered to be a valid will. In Texas, Probate Code ยง57, et seq. outlines how a will must be executed for it to be upheld as valid in a court of law.

Texas is much like any other state in that the person drafting the will must be at least 18-years-old or older. An individual who is younger than that age may be able to lawfully draft a will if the testator belongs to the U.S. Armed Forces, the maritime service or is married. Everyone who drafts a will must be of sound mind at the time they execute it for this legal document to be upheld in a court of law.

How can you arrive at a valuation for your family business?

If you have a family business here in San Antonio and you're preparing to get divorced, then you may wonder how it is that you're going to come up with a value for it so that you can appropriately split it up. Coming up with a business valuation isn't necessarily a straightforward process. There are three different approaches that you can use to get answers though.

One option that you may want to go with is the income-based one. A forensic accountant or some other type of financial expert will generally take a look at your company's records to see what your cash flow and profits have historically been like. They'll use that same information to project what those same indexes will be in the future. This will allow the accountant to better assign a monetary value to your business.

How can you lawfully get out of your Texas commercial lease?

The commercial real estate industry isn't as heavily regulated as the residential one. This is why San Antonio business owners who seek out office space often find that their leases tend to last significantly longer than residential ones. If the thought of being committed to a particular office long-term makes you feel uncomfortable, then you'll be happy to learn that there are lawful options for getting out of your lease without defaulting on it.

There are two go-to options that you may want to consider if you're unable or uninterested in continuing your commercial lease: You can assign your lease to someone else or sublet. You'll need to review your contract to see what it says about either one of these options.

Could a smaller inheritance limit conflict?

You have enough money and assets to set your children up for a long time. However, are you worried about the potential damage that inheritance could do? Would you actually limit conflict by reducing what you leave to them?

For instance, perhaps you have a home that is worth $2 million. You want to leave it to your three children. It's an incredible gift. They could never buy a house like that on their own, at least not right now.

Do these things in a high asset divorce

High-asset divorces are often a challenge because of the number of things that have to be split up during the property division process. When you're going through this, you have to ensure that you're taking the appropriate steps to protect your interests. The plan will vary from one case to another, so what worked for someone you know won't necessarily work for your case.

There are several ways that you might be able to protect yourself, though. As you work through the divorce, you'll be presented with options. Make sure that you don't get stuck thinking about how to make things more difficult for your ex. Instead, consider everything based on how it can help you improve your future.

What is a foreclosure by judicial sale?

If you've fallen behind in making your mortgage payments here in San Antonio, then it's likely that your lender has initiated foreclosure proceedings. Your case may have reached the point where a Texas judge presiding over the matter is prepared to enter an order for a judicial sale so that the mortgage company can recover what they're owed. There are certain steps that a lender must take before they can pursue this foreclosure option.

Lenders must take time to identify "necessary" parties, or anyone who has an interest in the property before it can be offered up for a judicial sale. This means that banks and mortgage companies must identify anyone who is leasing the property, has placed a lien on it or maintains an easement on the property in question. Once these parties are identified, they can be added or "joined" to the lawsuit against the debtor. The goal of doing this is to terminate their property rights.

Subtle signs that divorce may be coming

The end of a marriage usually has signs before it arrives. In some cases, the signs are obvious, and no one is surprised when the marriage ends. In other cases, the signs are very subtle, and you may overlook them entirely until you get divorced and everything suddenly clicks into place.

Let's take a look at some of those more subtle signs. If you're seen them in your marriage, it may be time to start planning ahead for a divorce.

It's all right to c friends, not family, as guardians of the kids

If you are a parent, one thing that you need to do is designate a guardian for your children in the event that you and their other parent pass away. No one wants to contemplate their own mortality, but none of us have a lease on life.

If you don't take the estate planning steps now to name a legal guardian for your minor children, you could wind up with someone other than your choice rearing your children.