What is a Foreclosure
A foreclosure happens when your mortgage lender takes your home because you missed payments. In Texas, this can happen after missing 3 monthly payments.
The lender sells your house at auction to get back the money you owe. Foreclosure hurts your credit score and can make it hard to buy another home for years.
The good news is you have options to stop it, even after you get a default notice.
Complete Guide to Stop a Foreclosure in Texas
Protect your home with these effective strategies
Texas Foreclosure Timeline
Day 1: Missing Payments
Lender must wait 120 days before starting foreclosure
Notice of Default
20-day grace period to make late payments
Notice of Sale
Sent at least 21 days before foreclosure sale
Foreclosure Sale
First Tuesday of month, 10am-4pm at county courthouse
Contact your mortgage company immediately to discuss options like:
Many lenders prefer to avoid foreclosure and might work with you on a solution.
If you can’t reach an agreement with your lender, consider selling your home before auction.
Transfer ownership of your home directly to the lender to cancel foreclosure proceedings and forgive mortgage debt.
Filing for Chapter 13 bankruptcy creates an automatic stay on all debt collection actions, including foreclosure.
You can redeem your property anytime between receiving the notice of default and the foreclosure sale.
