What Is the Foreclosure Process?
When it comes to foreclosures, there are a few things you need to know before you decide to purchase one.
Foreclosure is an intimidating topic, especially given that every mortgage lender treats this process slightly differently. In essence, though, foreclosure can be simply defined as the legal process in which a lender attempts to regain the funds put toward a loan their borrower has ceased payment on.
And given that the properties these loans are designed to pay for serve as collateral for the borrowed funds, the way lenders recover what they’re owed is by repossessing the property.
In the state of Texas, borrowers generally have 120 days before the lender will issue a notice of foreclosure. There will be notices prior to this point, however, to ensure that the borrow has ample opportunity to determine an alternate solution to their circumstances.
Ultimately, having an open line of communication with your lender is crucial if you find yourself falling behind on payments.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.