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Free Guide to Hiring a Real Estate Lawyer
Mortgage law in Carrollton, Texas is shaped by a mix of federal protections and state statutes. This field governs how loans are originated, serviced, modified, and eventually foreclosed upon if payments lapse. Because Carrollton sits within Dallas County, residents must navigate both Texas rules and federal consumer protections during the mortgage journey.
Key areas include loan disclosures, licensing of lenders and brokers, foreclosure procedures, and borrower rights. Understanding these components helps residents compare loan offers, spot potential abuses, and make informed decisions before signing documents. A local attorney can translate complex terms into practical steps tailored to Carrollton properties and lenders common in the Dallas area.
Note on scope: While this guide highlights Carrollton specifics, mortgage law relies on national regulations such as TILA and RESPA, plus Texas statutes. Always verify current statutes and updates from official sources when planning a loan or defense strategy.
Several key laws govern mortgage activity in Carrollton, blending Texas statutes with federal protections you encounter nationwide.
Texas Finance Code Chapter 156 - Residential Mortgage Loans regulates licensing and conduct of residential mortgage lenders and loan originators. It helps ensure lenders operate with proper credentials and follow consumer protections in the origination process. Texas Finance Code Chapter 156.
Texas Property Code Chapter 51 - Foreclosure outlines non-judicial foreclosure procedures for deeds of trust with power of sale, including notice requirements and the order of sale. This framework largely governs how and when a lender may pursue foreclosure in Carrollton. Texas Property Code Chapter 51.
Federal Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) - Regulation Z and Regulation X govern disclosures, settlement costs, and consumer protections for most mortgage transactions. Since 2015, the TILA-RESPA Integrated Disclosure (TRID) rules require Loan Estimates and Closing Disclosures to borrowers. CFPB Know Before You Owe (TRID).
“The TILA-RESPA Integrated Disclosure rule requires lenders to provide Loan Estimates and Closing Disclosures to borrowers during the mortgage process.”
Sources: Texas Finance Code Chapter 156, Texas Property Code Chapter 51, CFPB Know Before You Owe
“Residential mortgage disclosures are designed to help consumers compare loan terms and avoid surprises at closing.”
In Texas, most lenders use a deed of trust with a power of sale for non-judicial foreclosures. A traditional mortgage is less common in this state. The deed of trust permits a faster foreclosure process when default occurs.
Begin by documenting income, expenses, and current debt. Contact your lender and request a loss-miven or trial modification plan, and gather three months of pay stubs and tax returns for review.
Foreclosure typically begins after a payment default and proper notice to cure the default is provided. Under the Texas Property Code, the sale notice must be published and posted before the non-judicial sale.
No, but a qualified attorney helps interpret complex disclosures, negotiate with lenders, and protect your rights during default, modification, or foreclosure proceedings.
Yes. Property taxes affect mortgage escrow accounts and loan-to-value calculations. Local tax districts and the Dallas County Appraisal District provide details on assessments and payment deadlines.
Fees vary by case complexity and attorney experience. Expect hourly rates in the range of a few hundred dollars per hour, plus possible flat fees for specific services.
TRID requires lenders to give you a Loan Estimate and a Closing Disclosure, helping you compare terms and avoid last-minute surprises at closing.
Yes, you may have claims under federal and state law if you experience servicer misconduct. Report issues to the CFPB and consult a mortgage attorney about potential remedies.
Non-judicial foreclosures can proceed relatively quickly compared with judicial processes, often several months from default to sale, depending on notices and court actions.
Both options can help avoid a formal foreclosure on your credit report. An attorney can assess eligibility, negotiate with the lender, and document the transaction properly.
Collect your promissory note, deed of trust, loan statements, modification offers, escrow statements, and any correspondence with the lender about defaults or fees.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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