Texas Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
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How to fill out Notice Of Intention To Foreclose And Of Liability For Deficiency After Foreclosure Of Mortgage?
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FAQ
Most loans from a bank must be 120 days delinquent before any foreclosure activity starts. However, smaller lenders can sometimes start foreclosure even if you are only one day late. The lender is only required to send you two notices before a foreclosure sale.
After the sale, if the property sells for less than what is owed, the creditor may try to come after the borrower for the remainder of what is owed to them. This is referred to as a deficiency judgment.
If the property was residential homestead, the owner has 2 years to redeem the property. If the property was not residential, the owner has 6 months to redeem.
Texas law requires the servicer to send you (the borrower) a notice of default and intent to accelerate by certified mail that provides at least 20 days to cure the default before a notice of sale can be given. The 30-day breach letter sent pursuant to the terms of the deed of trust can satisfy this requirement.
Non-Judicial Foreclosure The most common foreclosure process in Texas is non-judicial, which means the lender can foreclose without going to court, so long as the deed of trust contains a power of sale clause. A power of sale clause is a paragraph in the deed of trust that authorizes the non-judicial foreclosure sale.
Texas law requires the servicer to send you (the borrower) a notice of default and intent to accelerate by certified mail that provides at least 20 days to cure the default before a notice of sale can be given. The 30-day breach letter sent pursuant to the terms of the deed of trust can satisfy this requirement.
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.