You have options upon receiving a foreclosure notice. If you are not paying your mortgage and you receive paperwork from the mortgage company indicating a foreclosure sale or an intent to accelerate the mortgage, you may have limited time to act. Do not fall for any “foreclosure rescue” scams. Do communicate with your mortgage [...]
When a home is sold at foreclosure, it often brings less than the amount owed on the mortgage. This is referred to as a “deficiency.” If the loan is a home equity loan, then the lender may not recover the deficiency from the homeowner as there is no personal recourse or liability on a [...]
There are allowed reasons for foreclosure. A homeowner who owes a mortgage obviously is required to pay the mortgage payments. But there are other obligations under the typical deed of trust and note. For example, the borrower/homeowner may be required to keep insurance in effect and may not be permitted to sell the property [...]
There may be defenses to foreclosure, including violations of the Texas Constitution, common law fraud, violations of the Truth in Lending Act, and the Home Ownership Protection Act. Your original loan documents and any documents that you have received in the foreclosure process are key. While there may be very limited exceptions, in general, [...]
Foreclosures in Texas always take place on the first Tuesday of the month. As a general rule, the lender must first give a demand to cure. The homeowner must be given no less than twenty (30 days is average) to come up with the money owed, “cure.” Assuming the foreclosure is on the borrower’s [...]
What is the foreclosure process in Texas? Notices, sale dates and what happens if your home goes into foreclosure.