Texas foreclosure laws are a bit different than most other states are. In Texas, a foreclosure can happen rather quickly because they are done in a non-judicial manner. This means that a lender can send a notice of default just 20 days after a payment is due and then shortly after sending that, it can send a notice of sale. The following is aimed at clarifying how to stop a foreclosure in Texas so no one living there loses their home.
Phoenix, AZ -- (SBWIRE) -- 11/20/2012 -- A homeowner being foreclosed upon in Texas can lose his house in as few as 60 days, and Texas does not have the right of redemption, where a former homeowner can buy back his house once the foreclosure has been finalized. In order to remain in his home, the owner must avoid foreclosure. Read on to learn about how to avoid foreclosure in Texas so property owners can keep their homes.
Steps to Take to Avoid Foreclosure in Texas
The minute a mortgage payment is missed or financial difficulty hits, contact the lien holder. Show proof of said financial hardship – an income earner lost his job, someone was injured or very ill, which decreased the household revenue – and ask if a reasonable and mutually acceptable repayment plan can be arranged to get a homeowner current on his mortgage quickly. Look into refinancing the home. One’s current lender may have an in-house refinance plan or he may be able to assist an individual in applying for a government-sponsored refinancing program. Contact the Department of Housing and Urban Development (HUD) to find out what options they can offer that will help obtain a mortgage loan refinance.
Other ways to stop a foreclosure in Texas include selling the home. A short sale – one that can take place in two weeks - is an effective method to prevent foreclosure proceedings from going forth. If the home does not sell in such a short time, an owner may be able to keep it available for sale for a longer period of time in order to get the lender’s money back. Pay the money owed to the lender. If a property owner can figure out a way to become current on his mortgage payments, the foreclosure will be stopped. If all else fails and no workable plan can be developed to avoid foreclosure, the last resort is to file for personal bankruptcy. A Chapter 7 bankruptcy can delay, but not necessarily stop, a foreclosure, and a Chapter 13 bankruptcy usually results in the homeowner keeping the house.
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