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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41220
Experience:  JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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In Texas, other than ruin your credit, what are the

Customer Question

In Texas, other than ruin your credit, what are the consequences of defaulting on a leasehold lake property? At what point are you no longer responsible for the property?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 1 year ago.

Thank you for your question. Please permit me to assist you with your concerns.

The consequences are not just bad credit, the person or party against whom the default took place can take the defaulting party to court and obtain a judgment against them. This judgment would also be recorded and can be attached against the property that the party may own, such as other real estate or vehicles. The debtor can also be vulnerable to a 'writ of execution' which permits the constable to remove non-exempt property as means of paying down the debt. Most personal property is exempt, but not all. In essence the constable can come to your house with this order and begin removing items such as your computer or furniture to sell off at auction to pay off the debt. Likewise the holder of the debt can obtain a 'writ of garnishment' which may permit him to pursue bank accounts to cover the debts. You are no longer responsible for the property when the contract naturally terminates, or when a court order is entered against you and the obligation is severed by the judge.

Sincerely,

Dimitry, Esq.

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