Foreclosure Help in Texas
Facing property foreclosure can be a very challenging time in your life. Often, taking this process can take its toll on your mental health, as you deal with the uncertainty about what the future contains. One of the best ways to beat this uncertainty is by knowing more about foreclosure and how it works.
The Texas Housing Market
Let’s start by looking at the Texas housing market. It’s estimated that the average Texas house sells for around $190,990 and the median rent price is $1,575. This has been driven by strong sales, with the price increasing by around 5.7 percent last year. This is expected to continue into next year, with a further price increase of 3 percent. This is expected to be boosted by the new construction that is coming onto the market. You can read more about the current market conditions in this comprehensive report.
Despite this increase in house prices, Texas has managed to maintain a relatively low foreclosure rate. It’s estimated that around one in every 2,637 homes in the state gets foreclosed. This is significantly lower than the national average. Despite this, foreclosure can still be a serious problem for people facing delinquency on their loans.
How Foreclosure Works In Texas
The foreclosure process in Texas is usually very straightforward. First, you will receive a letter from the lender if you miss a payment. Then, you will have 120 days to make the payment, before the foreclosure process begins. If you fail to do this, you will receive a notice of default. This gives you 20 days to pay what you owe. After this, you will receive a notice of sale. From the time this is sent, you will have 21 days before the lender sells the property.
Have a specific question about Avoiding Foreclosure in Texas? Check out our Foreclosure FAQ’s section.
You should also be aware of the acceleration clause, which some lenders might use. This means that, because you violated the terms of the mortgage when you missed payments, the lender can charge you the remainder of the loan, instead of the payment that you missed. If you can’t pay, they will be able to foreclose the property. You can learn more about this process here.
What Foreclosure Help Is Available
There are multiple government resources that you can use to your advantage during this period. For example, you might be eligible for the Making Home Affordability (MHA) program. This can ensure that you can always gain access to the property safely. You can learn more about that here. Also, there are multiple agencies that can provide support throughout the process. By taking consulting with some of these groups, you will be able to get some solid strategies to help you deal with the foreclosure process.
Often, the foreclosure process can be very stressful and uncertain. For this reason, you should consider talking with a lawyer. They will be able to discuss your situation and point out your legal rights. This is one of the best ways to know what you need to do when your property faces foreclosure.