Minor league baseball is a big deal for many Texas residents. Some of these fans might be surprised to hear that Fort Worth Cats owner Carl Bell is facing the possibility of foreclosure on the team's stadium as loan workout plans seem to have stalled. Unless something changes, the bank holding the loan has posted the stadium, and several acres around it, for a January auction.

Bell said the team would likely be playing at LaGrave Field for at least a decade in 2010. He made these remarks because he had negotiated a loan modification with Amegy Bank. The loan modification involved the stadium, the land it sits on and some adjacent property. It is estimated that the overall size of the property in question is just shy of 13 acres. That loan is now in default.

At one time, Bell had planned on building residences and retail stores worth millions of dollars on the south side of the stadium. As the economy tanked, those plans were set aside.

Bell has also reportedly been attempting to sell the Texas team since 2008.

It appears that unless a loan modification is granted, the stadium will probably be sold. What that will mean for the team is unknown at this time.

Whether you own a home or a baseball team in Texas, many people are facing foreclosure thanks to the unstable economy. Although individuals and families may feel helpless, there may be options to explore, such as seeking a loan modification or filing for bankruptcy.

Source: Star-Telegram, "LaGrave Field, land posted for foreclosure," Sandra Baker, Dec. 20, 2011