Once your financial situation began to go downhill, you may have felt powerless to stop the downward spiral that led to trouble making your mortgage loan payments. Whether you have been unable to make full payments or to make any payments at all, your lender may be knocking at your door for its money.
At some point, your lender may begin threatening you with foreclosure. Many times, not understanding something increases the fear of it. It may help to have at least a rudimentary understanding of the foreclosure process here in Texas, along with where you can seek support as you work to keep your home.
The Texas foreclosure process
Foreclosures here in Texas can happen in as little as 41 days. This means that you only have a narrow window of time in which to take action to keep your home. In addition, you may not have the opportunity to reclaim your home once the process begins. Here are the broad strokes in the process:
- You will receive a Notice of Default from your lender giving you 20 days to bring your loan current.
- After the expiration of those 20 days, and if you don’t bring your loan current, then your lender may schedule a foreclosure sale that cannot take place earlier than 21 days later.
- Your lender must send you a Notice of Sale letting you know the location, date and time of that sale.
- Your lender must file the Notice of Sale with the county clerk and post it at the county courthouse.
- Sales happen on the steps of the county courthouse anywhere from 10 a.m. to 4 p.m. on the first Tuesday of the month.
- If any balance on your mortgage loan remains after the sale, the lender may attempt to obtain a judgment from the court for that amount.
After the sale, you will need to vacate your home. This may be done either voluntarily, and sometimes for cash, or through the eviction process.
The best time to attempt to find an agreeable resolution to your mortgage loan issue is as soon as you realize you have trouble making your payments. Dealing with your lender can be a frustrating and complex process, which may go better with some assistance. An attorney can help you explore your legal options and advise you of your rights when it comes to the collection efforts of your lender.