What Is Pre-Foreclosure? A Texas Timeline for Cedar Hill Homeowners
If you have missed mortgage payments on your Cedar Hill house, you may have heard the phrase and wondered what is pre foreclosure, exactly. In Texas it is the stretch between your first missed payment and the courthouse auction, and the law gives that stretch a fixed set of steps. Knowing those steps tells you how much time you really have and which doors are still open. I work with House Buyers Texas, a company that buys houses directly from owners, so keep that in mind as you read. This post explains the Texas statute and federal servicing rules in plain words. It is not legal advice; for your own loan, talk to a Texas real estate or bankruptcy attorney or a HUD-approved housing counselor. What is pre-foreclosure in Texas? Pre-foreclosure is the period after you fall behind but before the house is sold at a foreclosure sale. Most Texas home loans are secured by a deed of trust with a "power of sale," which lets the lender foreclose without a lawsuit. Chapter 51 of th...