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.
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:
If you're in the market to become a commercial real estate investor -- or if you're a real estate investor who plans to increase your commercial holdings -- it's important to understand the kinds of investments that are available to you. In fact, there are many different categories of commercial real estate.
If you're in a difficult financial situation and struggling to pay your home mortgage payments on time, it's important to stop and assess your situation rationally -- and as soon as possible. If you wait until it's too late, you could become so desperate for a solution that you fall for any number of foreclosure prevention scams.
Most Texans have the dream of owning their own residence. Realizing this dream by taking out a home loan to purchase a residence, however, can prove disastrous in the event of an ailing economy or if the homeowner loses his or her job. As soon as a financially struggling homeowner gets behind on mortgage payments, the lender will foreclose on the property, which could cause the homeowner to lose his or her home.
A real estate firm from New York, Compass, is expanding to the bustling real estate markets of North Texas, putting its mark on the region with the purchase of new offices in Dallas. The firm has purchased a 24,000-square-foot office space to serve as its North Texas regional headquarters.
Bankruptcy can stop your foreclosure in certain circumstances. Of course, you will need to qualify for either Chapter 7 or Chapter 13 bankruptcy. However, if you qualify, you might be able to reap some huge benefits in delaying and/or preventing your foreclosure proceedings from moving forward.
There are a lot of Texas residents who are struggling to fully pay their mortgage payments. Some of these individuals are living paycheck-to-paycheck and they're on the line of not being able to meet their monthly obligations. In order to avoid a situation like this, you might want to negotiate the terms of your mortgage very carefully so you get the best deal possible.
When you don't pay your home mortgage payments on time, your bank will eventually trigger the foreclosure process. This process allows the bank to try to recover as much of its money as possible by repossessing your home and then selling it in a foreclosure sale.
San Antonio residents who get hit with a foreclosure notice usually don't find it surprising. The financial circumstances that led to their inability to pay their mortgage -- sure, these might have taken them by surprise. However, they probably expected the foreclosure notice that came several months later.