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We have a small undeveloped piece of property at the Rock…

Customer Question
We have a small...

We have a small undeveloped piece of property at the Rock Creek Resorts on Lake Texoma and have been paying for it for about 4 years, We owe about $27,000. on it. Is there any way short of bankruptcy it extricate ourselves from these payments. We are willing to take a loss on this just to get out from under it. My wife and I are going to retire in about 2 years and do not need the added expense. Please advise.

Lawyer's Assistant: What state are you in? And has anything been officially filed?

We are in Texas and nothing has been filed.

Lawyer's Assistant: Has any paperwork been filed?

Nothing

Submitted: 7 months ago.Category: Real Estate Law
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Answered in 3 minutes by:
12/30/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 14,125
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago

Thanks for your patience. I'm sorry to hear about your situation. So, short of bankruptcy, there isn't a whole lot that you can do. Usually, you may be able to modify your loan to help decrease the interest rate or the payments that you owe. You may also want to consider a refinance, depending on how your credit is. Sometimes, they will refinance you at a lower rate. You may also want to consider of course a sale.

You could also just file for bankruptcy if all of those other options fail. Bankruptcy protection will likely discharge the debts assuming your petition is approved by the court. Most bankruptcies cost about $1500 depending on where you live. In TX, it may be a little bit cheaper. One final option is to foreclose. They may sell the property at auction and just charge you the difference. Bankruptcy is still an option at that point as well if you want protection from that remaining amount.

Did you have any other questions for me at all?

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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