Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law

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: 1 month ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 3 minutes by:
12/30/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,405
Experience: Licensed to practice before state and federal court
Verified

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.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month 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?

Ask Your Own Real Estate Law Question
Was this answer helpful?
Ask Legal Eagle Your Own Question
Legal Eagle
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,405
8,405 Satisfied Customers
Experience: Licensed to practice before state and federal court

Legal Eagle is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
I own a park model in an rv resort. If I stop paying my lot
I own a park model in an rv resort. If I stop paying my lot rent what recourse does the park have? I assume they can re-possess the house, but can they do anything else? … read more
Legal Eagle
Legal Eagle
Lawyer
8,405 satisfied customers
My wife and I bought a timeshare from Hilton in Orlando on
My wife and I bought a timeshare from Hilton in Orlando on Feb 2, 2018. Reviewing it in our room that night decided it was a bad investment and on Feb 3, 2018 wrote and mailed a letter certified with … read more
socrateaser
socrateaser
1,031 satisfied customers
I live in Barefoot Resort Residential Association, an HOA.
I live in Barefoot Resort Residential Association, an HOA. The BRRA BOD is willing to consider replacing a wooden fence installed by thr Sponsor 10+ years ago. The sponsor is no longer involved with t… read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
I have a mobile home in a lot at an RV resort. I have read
Hi there, I have a mobile home in a lot at an RV resort. I have read the Texas law regarding this area and understand most of it...my question is once the landlord starts an eviction process what grou… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
PURCHASED A PROPERTY IN OCEAN RESORTS AND HIRED A BUILDER
PURCHASED A PROPERTY IN OCEAN RESORTS AND HIRED A BUILDER BUT AFTER PLANS WERE MADE AND APPROVED AND PAID FOR 6 MONTHS EARLIER, THE COUNTY STATES THAT MY BUILDER AND CAM SIGNED OFF ON THE INCORRECT LI… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
I own a rental property in a resort in South Carolina. When
I own a rental property in a resort in South Carolina. When we bought it, the amenities were included in the contract, pool, gym and beach shuttle. New management removed us from the rental program, w… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,066 satisfied customers
I own at Lost Valley Lake Resort > I have talked to several
I own at Lost Valley Lake Resort > I have talked to several owners that have been doing a Quit Claim Deed on their ownership . I would like to check into this & see if it is possible & what it woul… read more
Damien Bosco
Damien Bosco
3,676 satisfied customers
We own a timeshare. It is paid for but we can no longer
we own a timeshare. It is paid for but we can no longer afford to pay the maintenance fees which will be due in January. Is there a way that we can legally surrender the timeshare without jeopardizing… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,612 satisfied customers
I purchased property in a mountain resort development. Each
I purchased property in a mountain resort development . Each property was noted by a lot number. The agent showed the wrong property lot number to me and my wife . We did not have any idea of the mix … read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
I have a Wyndham Resorts Timeshare. I live in California and
I have a Wyndham Resorts Timeshare. I live in California and I want to know if its even possible to cancel this? I've been paying this for little over a year now … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,612 satisfied customers
Signed everything with Westin resort on April 11 and now
signed everything with Westin resort on April 11 and now have decided we do not want to go ahead with the transaction. I want to send a letter to them siting 721.07 and undo the transaction. … read more
LegalGems
LegalGems
Juris Doctorate
11,042 satisfied customers
I purchased a Diamond Resorts membership January 11, 2017
I purchased a Diamond Resorts membership January 11, 2017 based on what our representative presented to us. After we received our internet wed site we found that what he told us was bogus and was tota… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
We received a satisfaction letter from Wyndham Resorts as
We received a satisfaction letter from Wyndham Resorts as "paid in full" after we made a payment of $15,000. They are now saying that the letter was sent in error. Can we hold them to the letter? … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,612 satisfied customers
I live in Lake Marion Golf Resort. I live and own a "quad"
Hello. I live in Lake Marion Golf Resort. I live and own a "quad" single dwelling. My question is regarding an easement which requires me to provide parking for the unit behind mine. I do not have a p… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
I am in a monthly rental for 55+ at the landmark resort in
I am in a monthly rental for 55+ at the landmark resort in Myrtle Beach, SC. I was told yesterday that my payment for January did not go through on the 2nd of the month. I had assumed that it had and … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I own property at Fourwinds resort been here a year and
I own property at Fourwinds resort been here a year and found myself in hell not only have they target my family, my son and daughter they are extorting money from live ins here. The accounting inaccu… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I fell out of a tub in a resort May 2015, the nonskid
I fell out of a tub in a resort May 2015, the nonskid surface was completely worn down. Is it too late to file for my injuries?… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Second opinion] - I fell out of a tub in a resort May 2015,
Second opinion] - I fell out of a tub in a resort May 2015, the nonskid surface was completely worn down. Is it too late to file for my injuries?… read more
David C. Garner
David C. Garner
Attorney
Post-Doctoral Degree
894 satisfied customers

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).

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).

Show MoreShow Less

Ask Your Question

x