Understanding the Foreclosure Process in Texas

Understanding the Foreclosure Process in San Antonio and Central Texas, in this post you will learn the basic of Foreclosure, however we have a detailed article about How to Stop Foreclosure in San Antonio and Texas

Understanding the foreclosure process in Texas is an essential component of dealing with your own home foreclosures.

Before we start we need to understand

What is foreclosure?

A foreclosure is when a lender, usually a bank, repossesses a house usually because the owner stop making mortgage payments.

In different parts of the nation, foreclosure procedures are varied.

For those of us who do not know, there are two types of foreclosures: judicial and non-judicial. San Antonio and Central Texas is considered as a non-judicial foreclosure state, which means the lender can foreclose without going to court.

There are thousands of foreclosure filings every year in San Antonio alone. The process takes between some weeks to a year to complete.

Connect with us by calling ‪(210) 570-2861‬‬ or through our contact page to have us walk you through the specific foreclosure process here locally in San Antonio and Central Texas.

Non-Judicial Foreclosure

A non-judicial foreclosure is when the lender forecloses without going to court. If you are in this type of foreclosure, you should receive notification that your house will be repossessed (taken away). The lender can start the foreclosure process while you are still living in the home.

You will have time to remediate the foreclosure, but you have to act fast. Reaching out to an experienced investor like us will help you out avoiding Foreclosure completely. We have helped a lot of homeowners in San Antonio and Central Texas avoiding Foreclosure.

Judicial Foreclosure:

A judicial foreclosure is when the lender goes to court to repossess your house. This type of foreclosure is much slower than a non-judicial foreclosure, since it requires legal proceedings. The lender may have already made several attempts to contact you before initiating the process.

Depending on where you live, you might be able to reduce some court fees, postpone the time within which a judge has to rule on your case or even stop the eviction temporarily if there are factors that would make it inappropriate or unfair for you to lose your home right away, such as medical problems affecting someone in your family who lives with you.

What Happens After A Foreclosure Auction?

  • The mortgage lender serves you with papers demanding payment, and the courts are not required – although the process may be subject to judicial review.
  • After the established waiting period has elapsed, a deed of trust is drawn up and control of your property is transferred to a trustee.
  • The trustee can then sell your property to the lender at a public auction (notice must be given).

Anyone who has an interest in the property must be notified during either type of foreclosure.

For example, any contractors or banks with liens against a foreclosed property are entitled to collect from the proceedings of an auction.

What Happens After A Foreclosure Auction?

After the foreclosure auction, Foreclosure is over.

You are no longer the owner of the house, it is now handed over to the highest bidder and you will not be able to go back and reclaim your property unless if through a process called Redemption.

Generally, it’s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate firm like us at We Buy Texas Houses Now to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.

Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale – or even eliminate it, even if your home is worth less than you owe.

If you need to sell a property near San Antonio and Central Texas, we can help you.

We buy houses in San Antonio and Central Texas Texas like yours from people who need to sell fast.

Give us a call anytime ‪(210) 570-2861‬‬ or
fill out the form on this website today! >>

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