Corpus Christi Texas Foreclosure Help, Defense, Laws and Process

 


Foreclosure in Texas is somewhat easy as compared to other states. The entire process actually takes at least three months to complete. A late loan repayment is a key factor in foreclosure. This can lead to bankruptcy. If you find yourself in such a predicament, it would be wise to seek government assistance from your area. From this, valuable legal advice is given to you so that you may know the next course of action. Advice agencies are also readily available for legal advice as well as representation. Mortgage help should only be sought as a last resort to avoid problems later.

Stop foreclosure in Corpus Christi, Texas

Foreclosure in Texas can either be in or out of court. The process moves very fast, making it easier to foreclose property. For a court foreclosure to take place, the power of sale clause must be incorporated in the deed of trust.

The law states that a suit should be filed by the lender against the defaulter to get a court order to foreclose the property. A public sale is authorized once the court rules in favor of the lender. Before the process begins, the lender posts a letter to the debtor, giving him a grace period of 20 days to settle the debt. After the grace period elapses, the foreclosure procedures begin and a second letter is sent to the debtor alerting him that a sale has been planned to regain the full amount due.

A foreclosure notice is filed at the door of the county courthouse within 21 days before the foreclosure sale. A copy is sent to the debtor 21 days before the auction. However, it is not a requirement to print a copy of the notice in the newspaper. An attorney would be of importance to represent the debtor during the court process.

All foreclosure sales are carried out between 10a.m and 4pm on every first Tuesday of the month. Legal representation is important and some agencies offer government help to those in risk of foreclosure. In such instances, you ought to consult your banker to repair credit in preparation of the next loan.

There are no restrictions if the lender wants to bid. The right of redemption for the borrower after the auction is not applicable. That is why avoidance of foreclosure in good time is recommended.

Texas, Corpus Christi foreclosure process

The judicial foreclosure process comes into use when the loan credentials are not inclusive of the power of sale section. To obtain a court order that authorizes foreclosure, the lender must sue in a court of law.

If a power of sale clause is included in the loan documents, the lender is in authority to sell the property in order to recover the debt. If the power of sale clause doesn’t list the terms of sale, time and place, the procedure below is followed:

  1. A demand letter is posted to the debtor before the start of the foreclosure process. The amount of money owed should be settled in 20 days.
  2. If the borrower is unable to pay after the expiry of the 20 days and at least 21 days prior to the planned sale date, a notice of sale is recorded and posted on the courthouse door. A copy is also sent to the borrower.
  3. The sale is carried out through a public auction on the first Tuesday of every month even if it’s a legal holiday.
  4. A deficiency judgment may be gotten but limited to the difference between sale amount and market value.

Government assistance is available for those in need. However, a loan modification is also another option worth considering.