REAL ESTATE FORECLOSURE LAW

What Is Foreclosure? 

Foreclosure is when the original lender recovered the balance of a loan from the individual who took it out by taking the asset held as collateral and selling it to try and pay off the individual's debt. This is under the circumstance that payments have stopped from the original individual who took out the loan. This is all under the umbrella term of mortgage or deed of trust (loan agreements). These documents put a lien on the property, making it a safe loan due to the collateral, which, as previously stated in the event of missed payments or the inability to pay, will be sold. Our Dallas real estate attorneys can advise you on a wide range of legal matters including land purchases, home purchases, deeds of trust, land purchase agreements, and other commercial transactions involving land.  Among other things, our real estate lawyers can help you with the following foreclosure legal concerns:

• Creation of a deed of trust to secure collateral in the event a seller needs to foreclose; 

• Identifying assets to be put up as collateral in a deed of trust in the event future payment cannot be made;

• Foreclosure of assets when a buyer stops making payments; and

• Ensuring the security and safety of the seller's invested assets.

If hired, a real estate attorney will attend the closing with the buyer and/or seller to ensure a smooth closing. Closing occurs when title documents are signed, money is paid, and the title is transferred from the seller to the buyer. Our Dallas real estate attorneys are there not only to review real estate documents but to oversee the legal and binding transfer of real property. 

Why Are Foreclosures Necessary And How To Avoid Them?



Unfortunately, foreclosures are a necessary part of ensuring the security of a loan for a lender or bank. In most cases an individual can not pay hundreds of thousands of dollars upfront, and it is because of this high price that payments are made in smaller increments over time. Nevertheless, the seller runs the risk of the buyer not making those payments, so as specified in the contract, property or an asset(s) are held as collateral, which is foreclosed upon in case payments stop. But when you fall behind on mortgage payments, it’s important to contact a foreclosure defense lawyer to find out your options. At Wilson Legal Group, our Dallas foreclosure lawyers utilize a team-based approach that benefits from having access to multiple attorneys with substantive years of experience in many practice areas. A person who is subject to foreclosure should act quickly to protect their legal rights by doing the following:

• Halt foreclosure proceedings;

• Protect your credit history;

• Refined or adjust mortgage terms; 

• Identify deficiency judgments; and

• Avoid negative tax consequences.

If losing a home or property to foreclosure is a frightening thought, our Dallas foreclosure lawyers advise individuals, small businesses, entrepreneurs, and real estate companies on how to avoid foreclosure.