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The Lane Law Firm | Foreclosure Lawyer

The requirements for foreclosure of real estate in Texas depend on the home loan that is being foreclosed upon. There are several types of home mortgages, the most common of which are purchase cash loan and a home equity lending.

A purchase cash loan is exactly what it sounds like-- a loan to purchase a home. In a "conventional loan," the home borrower/buyer usually makes a deposit and gets a home mortgage for the remainder of the purchase price. Many consumers are unable to make a down payment of 10% or 20%, so they need to turn to alternative financing sources. These might consist of government-guaranteed FHA, VA, or USDA loans where the borrower/buyer makes a marginal or no deposit and the government assures the loan, so the home mortgage lending institution is assured of settlement.

House owners might likewise borrow as much as 80% of the equity in their house by getting a home equity loan or home equity line of credit. There are several limitations on equity loaning in Texas. If a lending institution is foreclosing on an acquisition cash lien (whether it is a very first lien or 2nd lien), there is a two-action procedure that should be complied with:

Firstly, the lending institution must send a letter to the borrower(s) that informs him/her that the loan remains in default, which the customer does not resolve the default, the lending institution intends to accelerate the remainder of the loan and foreclose on the building. This is generally called a Notice of Default and Intent to Accelerate. "Accelerate" means that the loan provider is calling the cosigned promissory note due. Upon acceleration, the borrower currently owes the entire principal balance plus any accrued interest and collection expenses. How much notice the lender is required to give is handled by the loan records. Most residential mortgages need 30 days notification, yet maybe as brief as 20 days depending upon the notice requirement.

Secondly, the lending institution needs to send the actual foreclosure notice. In Texas, that notice is called a "Notice of Trustee's Sale." The loan provider must offer at least 21 days notification of the sale, which starts on the day of mailing of the notice, not the invoice date. A home mortgage lending institution may only expropriate on real property on the first Tuesday of the month (unless the first Tuesday falls on a federal vacation such as New Years Day or Self-reliance Day). Numerous servicers wait until the lending remains in default a minimum of 60 or 90 days overdue before starting the actual legal foreclosure procedure.

When it comes to a home equity loan, including home equity lines of credit (HELOC) and reverse mortgages, there is an added step to foreclose the loan. After the lending institution sends out the one month Notice of Default and the Intent to Accelerate letter, the lending institution needs to apply to an order enabling the repossession in the state area court in the area where the property is located. The application must be offered to the customer, and the consumer has 38 days from the mailing of the application to file a return. If the customer submits feedback to the application, the court needs to set a hearing on the application. Once the application is granted, the lending institution still has to send out the real repossession notification, so the process takes an absolute minimum of 89 days (30 days, plus 38 days, plus 21 days). The practical reality is that the procedure might take several much more months.

Your house is your castle, a safe house for you and also your family members. If you are dealing with foreclosure because of the COVID-19 pandemic, a divorce, job loss, a hospital stay or fatality, it intimidates the stability of your residence life. As soon as the foreclosure procedure has begun, you commonly have simply a couple of short months to act before your property is auctioned. The financial institutions have legal representatives to protect their legal rights ... so do you!

We understand you wish to slow the foreclosure procedure or quit it entirely. At The Lane Law Firm, our foreclosure lawyer Texas provides strong defense depiction to house owners in Houston, Dallas/ Fort Worth, San Antonio, Austin, and throughout the majority of Texas.

If you have any kind of inquiry pertaining to the repossession process or exactly how to resolve your situation, The Lane Law Firm texas foreclosure lawyer can help. Our passion is assisting customers in turning around their tough circumstances-- precisely as we have done for numerous customers since 2009. We provide free of cost, personal consultations, so call us today.  Visit our website https://www.lanelaw.com/foreclosure/

Contact us:

713-804-7596

The Lane Law Firm | Foreclosure Lawyer

6200 Savoy Dr Ste 1150, Houston, TX 77036

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