Can you imagine spending over $15 million on a property -- and paying a significant amount on the mortgage of the residence -- only to lose it all as a result of foreclosure? A mansion in Houston, Texas, was named the most expensive foreclosure in the history of the United States. The home, which currently holds a value of $9.75 million was purchased by the previous owner for $15.9 million and has 15,000 square feet of space, nine bathrooms and five bedrooms.
Buying a house is an exciting time but it is easy to get overwhelmed during the process. Chances are you are going through mountains of paperwork and financing. It can get complicated and confusing. There are many important actions you need to take when buying a house and you might not be able to keep track of everything you need to do, but do not despair. Keep calm and stay organized and you will be moved into your dream home in no time.
The thought of being kicked out of your residence is the unsettling reality you must face if the bank is foreclosing on your home. However, when people whose homes are being foreclosed take swift actions in response to the foreclosure, they may have a chance of delaying, stopping or preventing the worst effects of the foreclosure.
When financial circumstances get rough and a Texas homeowner is no longer able to pay his or her mortgage payments, the lender of the mortgage usually chooses to begin the foreclosure process on the property. This process will result in the consequence of the homeowner losing his or her home, as the bank will repossess it. There are other foreclosure consequences as well that a homeowner may want to keep in mind, such as:
A serious termite infestation will ruin the value of your home and require costly treatment and repairs if you ever want to sell the residence. For this reason, every homeowner in Texas should take preventative measures to reduce the threat of a termite infestation.