real estate lawyer dallas tx

Many Americans face the reality of losing their homes or property because of overwhelming debt and conditions beyond their control. Unfortunately, sometimes the long-term effects of a foreclosure can be even more devastating than the foreclosure itself. At Pratt Aycock, our attorneys take a strong approach to defend foreclosures.

Losing a home or property to foreclosure is a frightening thought. However, when working with Pratt Aycock, you can take an aggressive stand to defend the foreclosure.

What is a foreclosure?

A foreclosure is the process of taking possession or control over a mortgaged property due to the homeowner’s failure to comply with payments. At this point, the homeowner must pay off the outstanding balance or sell the property through a short sale to avoid foreclosure.

Foreclosure is a remedy available to the mortgage holder when a borrower defaults. In order to determine if there has been a default, Pratt Aycock can work with you to carefully examine the loan documents. The foreclosure gives the mortgage holder the right to sell the property in an effort to pay off the mortgage or liens.

In most states, a foreclosure may be judicial or non-judicial. A judicial foreclosure is ordered by a court and a non-judicial foreclosure occurs on the courthouse steps. Foreclosures remove junior liens, but it does not eliminate tax obligations. A junior lien is a loan taken out with your house as collateral and there is already another loan secured by your house.

Pratt Aycock | Real Estate Lawyer Dallas TX 800-214-6290