If you are experiencing difficulties making your mortgage payment and facing the possibility of foreclosure, we encourage you to contact our office at (832) 975-7300 to discuss the options available to you and help you get in front of the issue.
In Texas, non-judicial foreclosure, which is the process most commonly utilized in Texas, can occur in under 50 days (approximately), depending on the timing between the mailing of required notices under the Texas Property Code and the actual foreclosure sale date. Under this process, a lawsuit does not need to be filed and a court order does not have to be obtained in order for the foreclosure to occur. Typically, when purchasing a home, you enter into a security instrument (i.e., a deed of trust or mortgage) which provides the lender with a security interest (or lien) on the collateral (your home). If the deed of trust or mortgage contains a power of sale clause, it effectively operates to pre-authorize the sale of the collateral in the event of a default, such as non-payment. Please note that defaults can also include failure to pay property taxes or maintain homeowners insurance, depending on your particular loan documents.
Once a default has occurred, the lender has the option to accelerate the collection of the remaining balance of the note. Meaning the entire amount of the remaining unpaid balance, not just the amount of the payments in default, is accelerated and becomes due and payable. However, lenders may not accelerate the note immediately upon a default. In Texas, the law requires that the lender send certain required notices to the homeowner.
The first written notice that the lender is required to send, typically referred to as a notice of default and intent to accelerate, provides the homeowner with formal notice of the default and affords an opportunity for the homeowner to cure the default within a 20-day period. This notice must be sent by certified mail, return receipt requested, to the homeowner's last known address.
Following the 20-day period, if the amount in default has not been cured, the second written notice that the lender is required to send, typically referred to as a notice of acceleration and posting for foreclosure, must be sent at least 21 days prior to the foreclosure date and must also specify the location of the sale and a three-hour period during which the sale will occur. This notice must also be sent by certified mail, return receipt requested, to the homeowner's last known address. Additionally, this notice is also filed with the county clerk and physically posted at the courthouse. Please note that failure to collect your certified mail will not stop or invalidate the foreclosure sale.
All foreclosure sales in Texas occur on the first Tuesday of the month at the county courthouse. Anyone may bid and the property will be auctioned off to the highest bidder. Once a home has been foreclosed, it is nothing short of an uphill, daunting and expensive task to attempt to overturn the foreclosure. It is imperative that you stop a foreclosure before it occurs. Timing is critical, so it is important to contact your local Houston attorneys at Tran Singh LLP to discuss the remedies available to you and to learn more about how a Chapter 7 bankruptcy proceeding or a Chapter 13 bankruptcy proceeding may stop or delay a foreclosure sale.
At Tran Singh LLP, we specialize in debt relief services and experienced in foreclosures. We are dedicated to our clients and strive to offer legal advice with care and compassion understanding the overwhelming burdens you may be experiencing when facing financial difficulties, including when falling behind on payments to your creditors. We encourage you not to wait another day to call our office and schedule a free and confidential consultation and allow us an opportunity to assist you on the path regaining control over your finances.
In Texas, non-judicial foreclosure, which is the process most commonly utilized in Texas, can occur in under 50 days (approximately), depending on the timing between the mailing of required notices under the Texas Property Code and the actual foreclosure sale date. Under this process, a lawsuit does not need to be filed and a court order does not have to be obtained in order for the foreclosure to occur. Typically, when purchasing a home, you enter into a security instrument (i.e., a deed of trust or mortgage) which provides the lender with a security interest (or lien) on the collateral (your home). If the deed of trust or mortgage contains a power of sale clause, it effectively operates to pre-authorize the sale of the collateral in the event of a default, such as non-payment. Please note that defaults can also include failure to pay property taxes or maintain homeowners insurance, depending on your particular loan documents.
Once a default has occurred, the lender has the option to accelerate the collection of the remaining balance of the note. Meaning the entire amount of the remaining unpaid balance, not just the amount of the payments in default, is accelerated and becomes due and payable. However, lenders may not accelerate the note immediately upon a default. In Texas, the law requires that the lender send certain required notices to the homeowner.
The first written notice that the lender is required to send, typically referred to as a notice of default and intent to accelerate, provides the homeowner with formal notice of the default and affords an opportunity for the homeowner to cure the default within a 20-day period. This notice must be sent by certified mail, return receipt requested, to the homeowner's last known address.
Following the 20-day period, if the amount in default has not been cured, the second written notice that the lender is required to send, typically referred to as a notice of acceleration and posting for foreclosure, must be sent at least 21 days prior to the foreclosure date and must also specify the location of the sale and a three-hour period during which the sale will occur. This notice must also be sent by certified mail, return receipt requested, to the homeowner's last known address. Additionally, this notice is also filed with the county clerk and physically posted at the courthouse. Please note that failure to collect your certified mail will not stop or invalidate the foreclosure sale.
All foreclosure sales in Texas occur on the first Tuesday of the month at the county courthouse. Anyone may bid and the property will be auctioned off to the highest bidder. Once a home has been foreclosed, it is nothing short of an uphill, daunting and expensive task to attempt to overturn the foreclosure. It is imperative that you stop a foreclosure before it occurs. Timing is critical, so it is important to contact your local Houston attorneys at Tran Singh LLP to discuss the remedies available to you and to learn more about how a Chapter 7 bankruptcy proceeding or a Chapter 13 bankruptcy proceeding may stop or delay a foreclosure sale.
At Tran Singh LLP, we specialize in debt relief services and experienced in foreclosures. We are dedicated to our clients and strive to offer legal advice with care and compassion understanding the overwhelming burdens you may be experiencing when facing financial difficulties, including when falling behind on payments to your creditors. We encourage you not to wait another day to call our office and schedule a free and confidential consultation and allow us an opportunity to assist you on the path regaining control over your finances.
What Now?
Click on the links below to navigate to the pages providing additional information on Chapter 7 and Chapter 13 bankruptcy and for more details on options that may be available to you.
Click on the links below to navigate to the pages providing additional information on Chapter 7 and Chapter 13 bankruptcy and for more details on options that may be available to you.
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Click below to navigate to the Consumer Bankruptcy Consultation Checklist, a guide prepared with you in mind, and summarizes the information and documentation you will need to provide for your case.
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TRAN SINGH LLP
2502 La Branch Street | Houston, Texas 77004 | Phone: (832) 975-7300 | Fax: (832) 975-7301 | Email: info@ts-llp.com
DISCLAIMER AND LEGAL NOTICE
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
2502 La Branch Street | Houston, Texas 77004 | Phone: (832) 975-7300 | Fax: (832) 975-7301 | Email: info@ts-llp.com
DISCLAIMER AND LEGAL NOTICE
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.