Facing Foreclosure in Texas? Here's What You Need to Know

Let's talk about a tough subject: foreclosure. If you're behind on your mortgage payments in Texas, it's normal to feel overwhelmed and confused. But before you panic, take a deep breath and know that you have options. Here's a breakdown of the foreclosure process in Texas, minus the legalese.

First things first:

• Delinquency: You're usually considered delinquent after missing 120 days of mortgage payments. However, some lenders might act sooner, so it's crucial to stay in touch with them.

• Notices: The lender will send you two important notices:

  • Notice of Default: This tells you you're behind and gives you 20 days to "cure" the default, meaning catch up on missed payments.
  • Notice of Sale: This informs you of the upcoming foreclosure sale (auction) date, which must be at least 21 days away.

The Foreclosure Sale:

• This auction happens on the first Tuesday of every month between 10:00 AM and 4:00 PM, usually at the county courthouse.
• The property is sold to the highest bidder, which could be the lender, an investor, or even you (though it's not very common).

Important things to remember:

• Texas has strong homestead protection laws: This means it's harder for lenders to take your primary residence if you have equity in it. However, it's not a guaranteed shield, so consult with an attorney to understand your specific situation.
• Talk to your lender: They might be willing to work out a loan modification or other options to help you avoid foreclosure.
• Seek professional help: Talking to a housing counselor or an attorney specializing in foreclosure can provide valuable guidance and ensure your rights are protected.

Remember: Foreclosure is a serious matter, but it's not the end of the road. By understanding the process and exploring your options, you can navigate this challenging situation and find the best path forward for yourself and your family.

If you'd like to talk through the process, reach out to the info below. 

Clementina Thornton- Your Bilingual Greater Houston Real Estate Pro

Call:281-797-9019

Email:Clementhorn@yahoo.com

Address:3616 Highway 6, Sugar Land, TX 77478.

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