Austin Foreclosure Laws & Lawyers

Austin has been a major hub of industry activity and population growth over the last decade.  However, the comfortable lifestyle that Austin residents enjoy has been disrupted by the rise in Austin home foreclosures over the last two years.  Within the state of Texas alone, total foreclosure rates are among the highest in the nation, with over 67,000 total foreclosures on the market.  Austin foreclosure activity in March of 2009 saw a spike for the second straight month after a cooling-off period in late 2008.  With foreclosure rates still on the rise, it is important that Austin homeowners become familiar with foreclosure laws and know the options they have to avoid or stop foreclosure.

Austin Foreclosure Laws

Austin foreclosure laws are governed by the State of Texas.  However, Austin foreclosure laws are greatly in favor of lenders and offer a swift process from the beginning to the end of a foreclosure.  Here are some basic foreclosure laws all Austin homeowners should be aware of:

The Austin Foreclosure Process

Homeowners who are behind on their mortgage payments will be given notice of default from their lender.  The notice gives a homeowner about 20 days to cure the default or the lender will proceed with filing for foreclosure.  Depending on the type of security document and clauses included, the foreclosure process may take a judicial or non-judicial path.

Judicial foreclosures are less frequent because they take longer through the court system.  The lender must file a lawsuit against the borrower in the court and obtain a court order to foreclose.  Once the order is obtained, the lender can file for a notice of sale which takes place at least 21 days after the notice is filed.

Non-judicial foreclosures are more prominent because recent mortgage and deed of trust documents contain a Power of Sale clause that allows a lender to bypass the court system and go directly to filing a notice of sale if the mortgage is not cured.  The lender has 21 days before they can then proceed with a public auction.

Obtaining Help to Prevent Foreclosure in Austin

Austin foreclosures are on the rise again in 2009.  The process for completing a foreclosure in Austin is swift, and a homeowner must act quickly in order to save his or her home.  Professional help to prevent foreclosure can usually be found from non-profit groups and even the county courts.  A free consultation with a certified foreclosure lawyer is a wise choice as well.  A qualified Austin foreclosure lawyer can offer the best advice and strategy to stop foreclosure and avoid losing a home.

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