What Steps Should Homeowners Take to Stop Foreclosure in Texas
It is a very stressful situation when your home in Texas is at the risk of foreclosure because of the missed mortgage payments. There are several ways to help stop the foreclosure in Texas and make the impact as little as possible. Texas is a non-judicial state, which clearly implies if you fail to pay the mortgage the bank can sell off your home without any court intervention. As per the Texas laws, all foreclosures take place only on the first Tuesday of a given month. The foreclosure date won’t postpone even if it is a public holiday. Before the foreclosure process is started in Texas, lender sends a letter to the homeowner allowing them a time of at least twenty days to pay off the debt. If the homeowner fails to repay the loan within the given time, the lender starts with the foreclosure procedure. They send homeowner the details of amount that is due along with the sale schedule. If the homeowner wants to stop the foreclosure, they must be well aware of the foreclosure process. They must also know about the mistakes people often make while facing the foreclosure. Even a small mistake can cost them their home, so it is important to consult a professional before going ahead with any option they have. Can forbearance agreement help to stop foreclosure in Texas? Sometimes when you are unable to pay your mortgage due to a temporary decline in the income, but you are sure you will be able to start with the payments soon, contact with your lender. The lender agrees to stop the foreclosure process with conditions that allow homeowners to pay a reduced amount for a given period. When this period is over, you have to pay the regular amount to compensate the forbearance amount. Usually, your financial condition is reviewed by the lending organization to see which option is better for you.