I understand from my readings that home mortgage business in Texas began to take off in 1997 when state laws were amended to allow home equity loans and the real estate laws in Texas are complex and stringent.
Texas, as a late arrival on the home mortgage lender scene, has a web of more rules and regulations. The Texas real estate laws were put into place to protect home owners from over extending their financial obligations and running the risk of losing their homes.
In Houston at least (not sure for the rest of TX), there are two types of foreclosures:
The first type is a "deed in lieu of foreclosure" to pay for the missed mortgage payment and will be agreed upon in a contract between the homeowner and the lender.
The more common type of foreclosure is when the property goes to auction that is overseen by a court officer. This type of foreclosure will allow the homeowner to keep any equity that they have built in the home.
Based on my own experience, Houston lenders can be very understanding and will often review the homeowner's financial situation before making any drastic decisions. Lenders don't usually want to foreclose either as it means the added cost and time of selling the home themselves.
Most important of all, homeowner and the lender should work together to devise a plan to prevent foreclosure.
If you make a budget for your living expenses and stick to it foreclosure is never going to happen. I do not understand why people all of a sudden think that foreclosure is just lurking around the corner.
You are more likely to get evicted from a rental unit than you are to get foreclosed on. It takes a good three months of missing your payment before a lender will even start the foreclosure process. Miss your rent payment one month and you will find yourself out on the street.
To add to this as long as you do not go and buy a McMansion you can probably purchase a home for less than you could rent it for in the Houston area.
I think jamesww made a very goog point; so long as you have bought a house within your means and have been financially prudent, foreclosure should not have happened.
How do I do this? What forms do I need? How do I transfer the mortgage ownership as well to be under the business name?
Please expand on your questions here. I am not exactly sure what you want answered. If you can make yourself more clear I am sure that I can give you the information you seek.
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James Wheelock
Wheelock Systems
ERA Silver Star Realty
9430 Broadway #156
Pearland, Tx 77584 JamesWheelock@HoustonHomesSource.com
281-979-0793
Texas Home Mortgage Business
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