Conversely, if the sale proceeds exceed the mortgage debt, you are entitled to receive the surplus funds. While one late payment usually does not trigger immediate action, prolonged non-payment will lead to consequences.
Understanding Texas Foreclosure Laws and Rules
The new owner or the lender will file an eviction suit, and you will receive a formal notice to vacate the property. This sale is conducted by a court-appointed official, often a sheriff or trustee, and is advertised publicly in local newspapers and county records.
Seeking Professional Assistance Navigating the legal complexities of foreclosure requires specific expertise, and attempting to manage it alone can be risky. If you are unable to pay the full amount, negotiating a repayment plan or loan modification directly with your lender is a proactive alternative to losing your home.
Understanding Texas Foreclosure Laws and Rules for Homeowners
Right of Redemption and Deficiency Judgments Texas is a lien theory state, which means homeowners retain a right of redemption after the auction. Eviction and Post-Sale Procedures A common misconception is that the process ends once the auction occurs.
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