Houston Foreclosure Laws & Lawyers

With Texas being the largest state in the contiguous United States, along with the size comes one of the largest foreclosure rates as well.  In Houston alone, there were 10,874 total foreclosed homes on the market, with over 1,300 new foreclosures in March of 2009.  For homeowners in Houston, foreclosures have become a major issue.

Houston Foreclosure Laws

Foreclosure laws differ from state to state and city to city.  In Houston, foreclosure laws are governed by the State of Texas, which have been written in great favor toward mortgage lenders.  The Houston foreclosure process may be quick and easy if a homeowner does not act quickly. 

Here is a summary of Houston foreclosure laws:

Options to Avoid Houston Foreclosures

Homeowners who have been served a Notice of Default and face foreclosure need to act quickly in order to keep their homes.  The main objective is to work out a deal with the lender that will keep the loan current, stop foreclosure, or prevent the homeowner from losing credit. 

Here are a few options:

Pay all past due amounts – The fastest way to stop foreclosure is to pay the lender all past-due amounts, including late fees and other costs.  Once the loan is current, the lender is usually willing to forgo the foreclosure process.

Arrange a loan modification – Sometimes it just is not possible to make up all past due amounts.  Talking with the lender about loan modification options, such as interest rate change, extended term, and forbearance, may be a good option to stop a foreclosure in Houston if the lender is willing.

Short Sale – If a home’s market sale price is higher than the loan balance due, a homeowner who cannot stop a foreclosure may convince the lender to accept whatever funds the home can sell for, also known as a “short sale.” This avoids foreclosure and keeps the homeowner’s credit clear.

Finding Help for Houston Foreclosures

Houston homeowners must realize that acting promptly and quickly when first served with a notice of default is the only way to avoid foreclosure.  Houston foreclosure laws allow lenders to act swiftly in order to carry out a full foreclosure and sale of a secured property.  In order to prevent a Houston foreclosure, homeowners can receive professional help.  Homeowners can get a free consultation with a certified foreclosure lawyer and get the right advice to keep their home or avoid foreclosure in Houston.

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