El Paso Foreclosure Laws & Lawyers

Texas claims that everything is bigger within its borders.  And when it comes to foreclosures, this motto is no exception.  By the end of March, 2009, Texas had over 67,000 total foreclosure homes on the market, which is one of the highest in all states.  In March, 2009, there was a jump in El Paso foreclosures activity that doubled that from the previous month and 30% more than in January of 2009.  In order to avoid foreclosure in El Paso, homeowners must become familiar with El Paso foreclosure laws and know where help is available.

El Paso Foreclosure Laws

El Paso foreclosure laws are set by the same foreclosure laws set by the state of Texas.  The El Paso foreclosure process is extremely swift and favors the lender in filing and completing a foreclosure in just about 60 days.  El Paso homeowners facing foreclosure must react quickly if they wish to save their homes from auction. 

Here is a summary of El Paso foreclosure laws:

Judicial vs. Non-Judicial Foreclosure in El Paso

Older mortgage documents require that lenders proceed with a judicial foreclosure.  A lender may file a deficiency judgment with the courts and request a court order to foreclose upon the property.  When the court finally issues the order, the property is then set up for public auction.

Judicial foreclosures usually take longer than non-judicial foreclosures since there may be additional time for court processing.  However, a mortgage or deed of trust with a Power of Sale clause (which most include today) bypasses the courts and allows a lender to go straight to the county recorder to file a Notice of Sale if a defaulted loan is not cured within 20 days.  Once a notice of sale is posted, there must be at least 21 days before the auction and sale can take place.  In Texas, there is no law requiring a public notice in local newspapers.  Therefore, it is up to the homeowner to be proactive if they wish to keep their home safe from foreclosure.

Getting Help from El Paso Foreclosure Lawyers

Recent statistics show a spike in El Paso foreclosures.  However, homeowners have options to stop foreclosure in El Paso.  Free consultations can be set with qualified and certified El Paso foreclosure lawyers who specialize in stopping the foreclosure process and incorporating strategies to help get a mortgage loan current.

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in El Paso to see your best options you have available to avoid Foreclosure.