| If you want to stop foreclosure in Texas, you | | | | a bill for the difference. |
| must act fast. That's because Texas has the | | | | So, you see why if you want to stop foreclosure |
| least forgiving foreclosure laws out of all the | | | | in Texas you have to act quickly? |
| states in the U.S. | | | | Good, because now I'm going to tell you some of |
| Under Texas law, if you miss a single mortgage | | | | the steps you should take. |
| payment, the bank can call the entire loan due | | | | First, get on the phone with the bank immediately. |
| immediately. In most other states, the | | | | See if you can quickly work something out so |
| homeowner has the right to "get caught up" | | | | that you can stay in the home. |
| paying only the deficiency. | | | | If you conclude that you are going to have to |
| But that's not the only example of the hostile | | | | give the home up, act fast to try to find a buyer. |
| manner homeowners face when trying to stop | | | | A buyer can be a traditional home buyer who you |
| foreclosure in Texas. | | | | find through traditional real estate means or a |
| After the Notice of Deficiency has been served, a | | | | buyer can be an investor who looks for |
| Texas homeowner has only 20 days to act | | | | distressed properties like yours to buy at a |
| before the bank forecloses. After the 20 days | | | | discount. |
| are up, Notice is given to the Court and the | | | | In either case, you need to find someone who will |
| property is sold at auction, usually at a location | | | | take the property off of your hands, because the |
| near the courthouse. | | | | alternatives, foreclosure and a deficiency |
| Texas also allows Deficiency Judgments. That | | | | judgment are painful roads to travel. |
| means, if the house is auctioned off for less than | | | | Stop foreclosure in Texas by making the right |
| the amount due, the ex-homeowner is stuck with | | | | moves, and making them quickly. |