Houston Texas Foreclosure Help, Defense, Laws and Process

 


Like many other cities, foreclosure can be carried both in and out of the court in Houston. Unlike many other cities, it’s very easy to foreclosure on property in Houston. It’s even easier to move the process. The entire foreclosure process takes about three months in average. In Houston non-judicial foreclosures are more common than the judicial ones.

Houston is one of the beautiful cities in the United States; it offers the largest foreclosure rates as well. In Houston alone, there were 12,000 foreclosed homes on the market. One of the major issues faced by Houston home owners are foreclosure. Foreclosure is generally administrated in the court when no power-of-sale clause is included in the deed of trust.

Houston Texas Foreclosure Process

Procedure for foreclosure is rather simple, involving few steps:

  • The process starts with the issue of warning notice to the borrower, which allows at least 20 days for the debtor to pay the default amount.
  • During this period, the lender may begin the process of foreclosure, by sending another mail state that the loan has been accelerated, means full balance dew now.
  • In the third phase, a sale as been scheduled to recover the full loan amount.

The lender posts a notice of sale at the county courthouse. He also files a notice with the county clerk, which should be file at least 21 days to the foreclosure sale. In Houston there is no need to publish the sales notice in the local news paper. Regardless of holidays all the foreclosure sales are scheduled on the first Tuesday of the month. Foreclosure sales occur between 10 am and 4 pm, anyone can bid on the public auction, including the lender. The property will be sold to the highest bidder. Some time is allowed for the winning bidder to pay the full amount.

The ownership is transferred to the highest bidder, free of cost. If the bid amount is higher than the amount owed to the lender, remaining goes to the junior lien holders. Borrower doesn’t enjoy any right of redemption, once the sale occurs.

There are options available to avoid foreclosure. First of all the borrower should sort out a deal with the lender, so that your loan will be current. One of the fastest ways to stop foreclosure is to clear all your past dues. If you’re unable to pay all the past dues, try to arrange a loan modification. Loan modification option consists of interest rate change, extended term etc. If the market value of the home is higher than the due loan, lender might allow you to sell it. This is called short sale. This avoids foreclosure and keeps the homeowner’s credit clear. Debtor must realize that acting swiftly and accordingly when served with the notice of default is the only way to avoid foreclosure. If you fail to stop avoiding foreclosure after all these things, seek the help of a professional. Free foreclosure help is available from certified foreclosure lawyer. Always try to keep your loan current.