If you are having trouble maintaining monthly mortgage payments and possibly facing a foreclosure, you should consider the services that foreclosure lawyers near me Fulshear, TX can offer. A foreclosure lawyer can help you understand your rights during this challenging situation. They can also inform you of your responsibility to the tenants renting your property.
The Okonji Law Office can assist you with the entire foreclosure process. Call today to schedule a personal appointment with Mr. Okonji. He will set aside the time to discuss your case and explain your options for handling an imminent foreclosure. His experience with real estate law will help him provide you with the best legal counsel for your situation.
Be assured that no one will interrupt your appointment with Mr. Okonji, as his office policies do not allow walk-in consultations. He understands that your time is valuable and will do his best to solve your problems quickly and efficiently. For help with foreclosure issues, reach out to his Katy office today.
How Can Foreclosure Lawyers Near Me Fulshear, TX Help?
As a landlord, you are in a unique position if you face foreclosure. Not only do you need to handle your financial situation prompting the foreclosure, but you have a responsibility to inform your tenants of their circumstances. Whether you successfully avoid foreclosure or not, you will need to let tenants know to whom they will need to pay rent and how long they are allowed to stay on the property.
Foreclosure lawyers near me can help a landlord in several ways. They can advise the landlord on how to best protect their interests in the foreclosure process, negotiate with the lender on their behalf, and help ensure that all applicable laws are followed. In addition, they can provide valuable guidance on how to maximize the proceeds from the foreclosure sale, if applicable.
Ways to Avoid Foreclosure
Mr. Okonji will offer his legal advice according to your specific situation. However, there are generally a few ways that a landlord can attempt to avoid foreclosure altogether and keep their rental property. For example, you can ask your lender to modify your loan. Mr. Okonji can assist with this process and increase your chances of successfully changing your mortgage agreement.
You also have the option of refinancing with another lender. A real estate partner or private investor may also be able to provide financial assistance in exchange for equity.
Finally, you may sell your home before the foreclosure is finalized. This may net you a much better price than you would receive from a foreclosure sale. This will allow you to potentially keep more of the remaining balance from the sale after paying off your debts.
The best benefit is arguably avoiding the penalties, credit damage, fees, and legal foreclosure costs. Having control of your property sale is a great way to cover your debts and bring more predictability to your debt situation. Allow Mr. Okonji to offer his counsel to determine the most beneficial outcome for you. He can weigh in with his professional opinion and find a solution that works for you.
Differences Between Homeowner Rights and Rental Property Owner Rights
The law treats a rental property differently than it would if it was the primary home of the borrower. In this case, it is considered a business or investment instead of a home. Because of this, you may not be entitled to the same rights or protections homeowners receive. This can lead to difficulties that you would not experience otherwise.
For example, if your foreclosure sale does not earn enough money to cover your mortgage, the bank typically cannot sue you if this involves your primary residence. If the foreclosure is on a rental property or second home, you may not be given this same protection.
However, one aspect that will typically remain the same is what happens if the sale does or does not cover the mortgage. Should the sale have excess funds after covering the mortgage, you may be given the remaining money back. Conversely, if the sale price is insufficient, you will be responsible for paying back the remaining balance.
Foreclosure lawyers near me Fulshear, TX like Mr. Okonji can adequately explain your financial responsibilities depending on the outcome of the sale.
Responsibilities to Tenants
There are several essential pieces of information that you must impart to your tenants if you face foreclosure. This is meant to lessen the impact of the foreclosure on their living situation. Until the actual sale occurs, renters will pay the landlord as usual. However, after the sale, either the bank or the new owner will collect rent.
You must provide at least a 120-day notice in advance to tenants of a foreclosure sale. Landlords must also provide a written notice to tenants if they need to start paying rent to another entity. According to the federal Protecting Tenants at Foreclosure Act, the following timelines will apply (which states may not shorten but may extend):
- If your tenant does not have a lease, they are entitled to a 90-day notice to vacate the property from when the new owner receives the title.
- If your tenant has an existing lease and the new property owner does not intend to live in said property, the tenant can keep the terms of that lease. The tenant and the new landlord may discuss lease renewals or an extension of month-to-month agreements.
- If the new owner does plan to live in the property, they must provide a 90-day notice to the tenant of breaking their lease.
About Mr. Okonji
Real estate law is not the only area in which Mr. Okonji practices. He also serves as a mediator and legal counsel for landlord-tenant disputes. You can visit his blog for more news about landlord rights, such as eviction moratoriums.
For the best foreclosure lawyers near me Fulshear, TX, look no further than The Okonji Law Office and its Managing Attorney, Mr. John Okonji.
Fun Facts for Fulshear, TX:
- Fulshear was first established in 1824.
- Fulshear is known for its cattle ranching and farming industry.
- Some of the Texas Longhorns living in Fulshear have horns spreading 4 to 8 feet long.