Texas Foreclosures - The First Tuesday of Every Month
The foreclosure process in Texas happens quite rapidly, but the filing of a bankruptcy CAN STOP the foreclosure process. The First Tuesday of each and every month, rain or shine and even on holidays, homes are sold on the county courthouse steps because homeowners stop paying their mortgage.
Many clients ask me "Will they really sell my house?" Unfortunately, the answer is absolutely and you may be evicted from your home in a few weeks after that.
Buying a house is an exciting time. We get so focused on moving in and decorating, but it is important to read all those documents that you are signing at the closing and understand what happens if you default on your mortgage payments. Because if you default, the ball can quickly start rolling on foreclosure. The steps are generally as follows:
- Notice of Default. This will include the amount necessary to reinstate the loan
- Notice of Acceleration. This means that the mortgage company has accelerated the note and they want the entire balance owed, not just the back payments.
- Notice of Foreclosure Sale. This is posted in the county where the property is located. The mortgage company is required to give you this notice 21 days prior to the sale date--that First Tuesday.
Watch your mailbox...People can and do purchase lists of all properties that are in foreclosure, so you will get solicitations from people who are interested in purchasing your home or offering services to assist you.
If you want to keep your home and feel like you just need a little breathing room to get caught up on your payments, you should contact a bankruptcy attorney. Chapter 13 bankruptcy may be just what you need. You will have the opportunity to propose a repayment plan to catch up on your payments.