Foreclosures can happen quickly in Texas; the state has one of the country’s fastest foreclosure processes, with an average case lasting only a few months. If you’re in Texas and facing a foreclosure, you should learn about the Foreclose Process in Kilgore TX.
Common Foreclosure Procedures in Texas
Most Texas foreclosures are nonjudicial, which means that the process occurs out of court. However, some cases are judicial, which means that they pass through the state’s courts. Because the majority of the state’s foreclosures are nonjudicial, the information below is focused on that particular process.
Foreclosure Notices
In the state of Texas, the party requesting the foreclosure must give the borrower two types of notice: a sale notice and a default notice.
- The notice of default: The company servicing the mortgage (handling the account for the lender) must mail a defaulting borrower a notice of acceleration and default. A notice of acceleration demands that the borrower pay the entire loan balance within twenty days.
- The notice of sale: After that twenty day period, and at least three weeks before sale, the mortgage servicer sends a sale notice to the borrower. The servicer is required to post the notice at the door of the courthouse, and to file it with the clerk of the county court.
Reinstating A Mortgage Before Sale
Reinstatement of a mortgage occurs when a borrower catches up on missed payments, including late fees and other costs, to stop a pending Foreclose Process in Kilgore TX. In Texas, a borrower can bring an account current and reinstate a mortgage within twenty days after the notices of default and acceleration are mailed.
Redemption Rights After A Foreclosure
Some states allow borrowers to repurchase their homes within a set period after a foreclosure takes place. However, in Texas, a borrower cannot redeem their home afterward. A foreclosure attorney in your county can give you more details on getting your house back after the lender repossesses it.
Post-Foreclosure Notice To Vacate
If a homeowner fails to leave the home after it is sold during the Foreclose Process in Kilgore TX, the buyer must give them a quit notice (a notice to move out) before eviction proceedings can start. Eviction lawsuits are known as forcible detainer actions in the state of Texas. Your lawyer can tell you more about your legal rights and he or she can suggest ways you may be able to keep your home.
