In Texas, mortgage companies can only foreclose on the first Tuesday of the month. Before the foreclosure can take place, the mortgage company must send you two forms of notice. The first notice will provide you with 20 days to cure any default payments on your mortgage. This notice must be sent by certified mail.
The next letter you will receive will be the Notice of Sale, which must include the time and date that the foreclosure sale will take place. The Notice of Sale must be sent by certified mail at least 21 days before the foreclosure sale. It is always a good idea to pick up your certified mail. Otherwise, you will not know of the foreclosure date in time to stop it.
We often see clients who are unsure if their house has been posted for foreclosure. In addition to the notices the mortgage companies are required to send before the foreclosure takes place, home owners often receive numerous letters and promotional materials from companies offering to save their house. If you have begun to receive similar letters, it may be an indication that your house has been posted for foreclosure. Keep in mind that certain counties, including Dallas and Collin, post foreclosure notices on online databases that are regularly updated throughout the month.
For clients who are facing a foreclosure and are looking to keep their house, we often recommend filing a Chapter 13 bankruptcy. The automatic stay, which is put into effect after filing the bankruptcy petition, will immediately delay the foreclosure proceedings. Chapter 13 is beneficial because it allows debtors to spread their past due mortgage payments over a period of 36 to 60 months. Although the mortgage arrearage will be paid as part of the Chapter 13 bankruptcy plan, debtors will need to start making their regular monthly mortgage payments when the case is filed.
We can assist you with your foreclosure defense in Dallas and Plano so please call us should you need help. Contact us today if you have any questions concerning a potential foreclosure. We are proud to offer a free initial consultation with one of our attorneys to discuss your bankruptcy and non-bankruptcy options.
Call Lusky & Associates, P.C. for a FREE CONSULTATION (972) 386-3900.