The Texas foreclosure process is the shortest in the country, but you can stop Texas home foreclosure with state programs or federal programs designed to help you.
If you're trying to stop a Texas home foreclosure, state programs and federal programs can help if you qualify for them. Stop home foreclosure by being proactive about the choices that may be available to you.
One thing that works against you, as a Texas homeowner, is that Texas has a non-judicial foreclosure process. This means that your lender can send a Notice of Default (NOD) immediately after you miss a mortgage payment. A Notice of Sale (NOS) will quickly follow. You can loose your home in less than a month after a NOD is filed.
To make matters worse, Texas doesn't provide a right of redemption period like other states. A right of redemption allows you to buy back a property after it is sold at auction. The redemption period is typically a week or two. Because you have no right of redemption period, the best option for saving your home may be to seek Texas state programs to stop home foreclosure.
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Your first step is to contact your lender to inquire about internal modification or forbearance programs. In forbearance, your payments will be suspended for a period of time. Your lender may consider lowering your interest rate as well.
Another way to stop foreclosure is to speak with a representative in the Texas office of the U. S. Department of Housing and Urban Development (HUD). HUD has several programs designed to help you if you are struggling to pay your mortgage. The Make Home Affordable (MHA) Program is a program launched by the Obama Administration that provides options for home loan modification, refinancing, forbearance and ways to exit your mortgage without ruining your credit.
One of the MHA programs that may help you is the Home Affordable Modification Program. With this program, your monthly payment will fall to 31 per cent of your monthly gross income. Your payments may drop by as much as 40 percent.
If you're trying to stop Texas home foreclosure, state programs can help. If selling your home is a good option for you, go to Reply! to connect with real estate agents in your area. The most important thing is to act now.