Best Mortgage Lawyers in Texas

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Founded in 1948
1,700 people in their team
English
The traits that fueled Skadden’s rise from a New York startup to a global powerhouse - collaborative, innovative, persistent - continue to define our firm culture. We remain intensely focused on the simple formula of developing an inclusive complement of extraordinary attorneys, working together...
Phelps Dunbar LLP.
Southlake, United States

Founded in 1853
300 people in their team
English
Our health law attorneys represent hospitals, physicians, managed care organizations and other health care providers throughout the Southeast as counsel on corporate, tax and regulatory matters. We also represent our health care clientele in a variety of health care related areas, including labor...
Law Office Of Kurt D. Elkins
Orange, United States

Founded in 2006
English
The Law Office of Kurt D. Elkins, established in 2006, offers comprehensive legal services in real estate law, estate planning, and probate to clients throughout Southern California. With over 19 years of experience, Attorney Kurt D. Elkins provides expert guidance on property transactions,...
Stinson LLP
Dallas, United States

Founded in 2002
985 people in their team
English
Complex legal challenges are best approached with sharp insight and creative solutions. At Stinson, our attorneys combine industry knowledge and business acumen to deliver practical legal guidance to clients ranging from individuals to privately-held enterprises to international corporations. We...
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About Mortgage Law in Texas, United States

Mortgage law in Texas governs the relationships and transactions between lenders and borrowers regarding real estate financing. A mortgage is a legal agreement where a borrower pledges real property as security for a loan, typically to buy a home. The mortgage process in Texas is regulated by both state and federal laws, setting the standards for creating, enforcing, and foreclosing mortgages on residential and commercial properties. Texas stands out from many other states in its unique treatment of home equity loans, foreclosure procedures, and anti-deficiency protections for homeowners.

Why You May Need a Lawyer

Several situations related to mortgages in Texas may benefit from legal assistance. For example, if you are facing foreclosure, negotiating loan modifications, disputing predatory lending, or handling a complex property sale, a lawyer can help protect your rights and interests. Additionally, homebuyers, sellers, and real estate investors may consult legal counsel to review loan documents, address title issues, or ensure compliance with Texas-specific requirements. Legal guidance is also essential if you are dealing with inheritance or divorce cases that involve mortgaged properties.

Local Laws Overview

Texas mortgage law includes several unique aspects. Texas is a non-judicial foreclosure state, meaning lenders can foreclose without going to court, provided they follow strict notice and procedural rules. The state’s Constitution contains special protections and restrictions for home equity loans, including maximum loan amounts and limits on how often you can take out such loans. Anti-deficiency laws in Texas often protect borrowers from owing additional money if a foreclosed home sells for less than the remaining mortgage balance. Texas also has rigorous rules regarding required disclosures and the timing of foreclosure notices. Understanding these local nuances is vital for anyone involved in mortgage transactions or facing financial difficulties with their mortgage.

Frequently Asked Questions

What is the typical process for getting a mortgage in Texas?

The process generally includes applying for a loan, undergoing credit and financial checks, receiving a loan estimate, getting the property appraised, and finalizing the loan at closing. Texas laws require specific disclosures and procedures, especially for home equity loans.

What are the common types of mortgages available in Texas?

The most common types are fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and Texas-specific home equity loans. Each type has different requirements and implications under state law.

How does foreclosure work in Texas?

Texas primarily uses non-judicial foreclosure, which allows a lender to foreclose without court intervention if they follow state laws on notices and sale procedures. A foreclosure can generally happen within 60 to 90 days after default if proper steps are taken.

What protections do homeowners have against foreclosure in Texas?

Homeowners are entitled to specific notices before foreclosure, and in most cases, the lender must give at least 20 days to cure the default. Homeowners should also be aware of federal protections for certain loans and situations.

Can I get a second mortgage or a home equity loan in Texas?

Yes, but Texas law limits the amount you can borrow. You cannot borrow more than 80 percent of your home’s appraised value via home equity loans. Only one home equity loan is allowed at a time, and you can only take out a new equity loan once every 12 months.

What happens if my home sells for less than I owe in a foreclosure?

Texas anti-deficiency laws may protect you from owing the difference between the loan balance and the foreclosure sale price, although there are exceptions. Home equity loans are generally non-recourse, meaning you cannot be sued for a deficiency.

Are there legal remedies for predatory lending or mortgage fraud in Texas?

Yes, both state and federal laws protect against unfair lending practices and mortgage fraud. If you suspect predatory lending, you should consult a lawyer or contact the appropriate regulatory agencies.

How do I know if my mortgage documents are legal and enforceable?

A Texas real estate attorney can review your documents to ensure they comply with state laws and protect your interests. Errors in documentation can affect your rights and the validity of the mortgage.

How does divorce or inheritance affect a mortgaged property in Texas?

Divorce or inheritance can create complex scenarios regarding ownership and responsibility for the mortgage. Legal advice can help ensure the property is transferred, sold, or refinanced properly while protecting all parties’ interests.

What steps should I take if I cannot make my mortgage payments?

Contact your lender immediately to discuss possible solutions, such as loan modification or forbearance. You may also wish to consult a Texas attorney or a certified housing counselor to evaluate your options and protect yourself from foreclosure.

Additional Resources

Several resources are available to those seeking legal or financial guidance regarding mortgages in Texas:

  • Texas Department of Savings and Mortgage Lending - provides information and regulation of mortgage companies and professionals
  • Texas Attorney General’s Office - offers consumer protection guidance and assistance with mortgage-related complaints
  • U.S. Department of Housing and Urban Development (HUD) - offers free housing counseling and homeownership resources
  • Legal Aid of NorthWest Texas or Texas RioGrande Legal Aid - provide free or low-cost legal assistance to qualifying individuals
  • Texas State Law Library - offers resources and guides on state mortgage law, foreclosure, and homeowners’ rights

Next Steps

If you are facing mortgage-related challenges or have questions about your rights and obligations, consider taking the following steps:

  • Gather relevant documentation such as your mortgage agreement, payment records, and any communications from your lender
  • Research or contact local legal aid organizations if you have limited resources
  • Schedule a consultation with a Texas real estate or foreclosure attorney who can assess your situation and provide tailored legal advice
  • Stay proactive in communicating with your lender if you anticipate payment difficulties
  • Utilize governmental resources and official websites for up-to-date information and guidance

Taking timely action and seeking professional advice are essential to protecting your home, finances, and legal interests in any mortgage-related matter in Texas.

Lawzana helps you find the best lawyers and law firms in Texas through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Mortgage, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Texas, United States - quickly, securely, and without unnecessary hassle.

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. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.