There are few things in life more upsetting than facing the real threat of losing your home. While it may feel like the bank holds all of the power in this situation, there are some steps you can take to defend your rights. If the lender has made an error, you could even bring the foreclosure to an end entirely.
A Fort Worth foreclosure defense lawyer could work with you to understand your situation and help correct it. If you are behind on payments, we could help you work out a plan that allows you to stay in your home. Instead of giving up, let our dedicated bankruptcy attorneys work tirelessly to help you keep your property.
What Is the Difference Between Judicial and Non-Judicial Foreclosure?
Texas law allows lenders to foreclose on homes in two distinct ways: judicial and non-judicial foreclosure. Judicial foreclosure involves the court system, and a lender cannot force the sale of a delinquent property without first obtaining a court order. This is the more formal of the two processes and is also the least commonly used by Texas lenders.
Non-judicial foreclosure occurs outside the court system, provided the lender follows specific legal procedures. To pursue this option, the property’s deed of trust must contain a “power of sale” clause. This contractual language grants the lender the authority to sell the property without a court order if the homeowner defaults on their payments. Most modern deeds include this language.
The non-judicial system offers significant advantages for lenders, the most notable being speed. Most non-judicial foreclosures are complete in as few as 60 days. Our Fort Worth attorneys can help you slow down the foreclosure process and, in some cases, bring it to a complete halt.
Homeowner Rights
Federal and state laws give homeowners several rights and protections. The purpose of these laws is to give you sufficient time to resolve payment issues or disputes before the lender can initiate foreclosure. Most importantly, mortgage lenders must wait a minimum of 120 days after a loan default before starting the foreclosure process. However, there are exceptions, such as when you are selling the home or if other lenders are already pursuing foreclosure.
After the waiting period ends, you are typically entitled to a formal written notice of default. This gives you up to 30 additional days to bring your mortgage current. If you make the required payments within this period, the lender must stop the foreclosure process. In some cases, however, this repayment period could be as short as 20 days. A foreclosure defense attorney in Fort Worth could protect your rights and advocate for you if a lender attempts to act unfairly.
Foreclosure Timeline
There is a strict timeline that Fort Worth lenders must follow, and our homeowner defense attorneys could help ensure they comply with every requirement. If your loan remains in default, the mortgage lender can demand payment of the full loan amount and move forward with foreclosure proceedings. They must send a notice of sale to you by certified mail. Additional requirements include filing the notice with the county clerk and posting it at the courthouse.
The steps that follow depend on whether the foreclosure is judicial or non-judicial. Once you receive notice of either a scheduled sale date or a court proceeding, your time to respond and fight the foreclosure is limited. Let our attorneys advocate for you during this critical time.
Talk to a Foreclosure Defense Attorney in Fort Worth Today
If you are facing the threat of foreclosure, Allmand Law Firm, PLLC is here to help. You are not alone in this, and you have options available. Contact a Fort Worth foreclosure defense lawyer today to learn more.
