For residents of Texas who have been negatively impacted by the economy, home foreclosure is an all-too-real consideration. When faced with financial duress, it’s important for homeowners to understand their rights and options. Not every case must end in foreclosure. There are legal avenues, such as certain forms of bankruptcy and debt relief, that can help stop foreclosure and get individuals back on track.
One foreclosure being sought in the state may not be challenged by property owners. According to reports, the bank in question has filed a lawsuit against the unknown heirs of three individuals as well as one other man. The bank wants to foreclose on a property owned jointly by the heirs, but has stated in the suit that the defendants will not be held personally responsible for the debt if they relinquish their interest in the property.
According to the lawsuit, the bank has not received a payment on the property since Sept. 2012. A foreclosure would let the bank receive some financial relief regarding the delinquent loan. According to reports, the bank may also seek other court-agreed relief in the matter.
The case brings up an important consideration for homeowners in any type of financial situation. When deciding to pass on a property to heirs, the financial state of the property should be considered. Strapping heirs with a debt-riddled property is certainly not a gift. Owners may want to consider the chances that properties will end in foreclosure if passed along in such circumstances. By understanding current and future financial needs, families can keep legacies alive through real estate even in difficult times.
Source: The Southeast Texas Record, “Bank sues heirs seeking foreclosure of Port Arthur home” Ben Hart, Feb. 02, 2014