Am I in Foreclosure?
How do you know when you’re in Foreclosure and what is a Foreclosure? The mortgage crisis of 2009 was financially devastating, but it wasn't nearly as pervasive as what we're dealing with now. Many workers in numerous industries are currently unemployed or unable to generate revenue. Even though, the government offered a lifeline to many homeowners by temporarily suspending mortgage payments, some homeowners may still find themselves facing foreclosure. Let’s take a quick look into what is a foreclosure in Texas and the process most lenders follow to foreclose on your home.
Foreclosure
In a nutshell, foreclosure is the legal process in which the lender terminates the homeowner’s right to the property. Most lenders typically begin the foreclosure process after 60 – 120 days of missed mortgage payments, but some can initiate it as soon as day 1 after a missed payment.
Step 1
You will get a Notice of Default in the mail from your lender to bring the defaulted loan current. Lender may offer some type of loan modification or payment restructuring plan.
Step 2
Notice of Sale. If you continue to default on your payments, the bank will send you another notice with an auction date. The countdown begins after this notification is mailed to you. This notice will also be posted at your local courthouse and filed at the county clerk’s office.
Step 3
If you continue to be in default, the last step in the process is a Foreclosure Sale. Your property will be held at auction and sold to the highest bidder. These auctions typically happen on the first Tuesday of each month at the county courthouse. After the auction, you do not have a right to buy back your property from the new owner unless it is being sold by a government entity, a tax lender or for nonpayment of HOA dues.
ERJ Developments can help homeowners stop their foreclosure. Enter your address here to find out how we can help you!
If you think you're facing foreclosure, it’s important to explore your options. It might be worth your time to talk to your real estate agent about a possible short sale. You'll be better off if you start thinking about your options sooner rather than later.
Foreclosure is a dreadful process that can leave your finances in shambles. Additionally, a foreclosure will have a significant negative impact on your credit and will take years to recover from. Learn how to halt foreclosure on your San Antonio property before it happens to you.
