Houston Foreclosure Lawyers & Attorneys
Lawyers who specialize in foreclosure typically help their clients avoid foreclosure. Each State has their own Foreclosure Law.
Homeowners who fall behind on their mortgage risk having their home taken away by the bank or lender in a process called “foreclosure.” Foreclosure proceedings do not always lead to a loss of your home, at least not right away, but many prefer to simply avoid the process altogether.
Those who have been through the process suffer a drop in their credit score and also must wait a set period time before buying another home. Fortunately, there are steps you can take to help you stay out of court, such as contacting your loan servicer; asking for a reinstatement; getting a loan modification; or even selling your home.
In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.
If you need legal assistance from one of our Houston Judicial Foreclosure Lawyers or Houston Non-Judicial Foreclosure Lawyers , fill out our form on this page or call us at 713-510-7100. Take advantage of our Free Consultation! by contacting us today.