Legal Question in Real Estate Law in Texas

I have a large mortgage and in June next year, my funds will

Be depleted and I will no longer be able to pay the mortgage

The house has been refinanced and I know a foreclosure or a

Short sell will impact my credit for three years. My question is

I heard I can be taxed for the foreclosed amount next year so

Am asking when is the best time to walk away from the house

With the least financial impact?


Asked on 7/18/12, 4:34 pm

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Never..you worry about impact on credit for 3 years..abandonment or foreclosure is there for life....call us or any lawyer experienced in bankruptcy...a lot more info is needed to see if you could save the home.

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Answered on 7/19/12, 3:14 pm


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