I created this website to help the thousands of Texas families faced with the foreclosure of their home. Whether you are in foreclosure, facing a short sale, or even a bankruptcy I sincerely hope that the information on this site helps you to make an informed decision.

John

Disclaimer

None of the information on this site should be construed as legal advice. You should always consult an attorney for advice about your specific foreclosure situation.

How Wikapedia.org explains foreclosure…

Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption.[clarification needed] Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue homeowners’ association dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

Judicial Foreclosure Yes
Non-Judicial Foreclosure Yes
Security Instruments Deed of Trust, Mortgage
Right of Redemption No
Deficiency Judgments Yes
Time Frame Usually 60 days

Judicial Foreclosure is the process used when the loan documents do not include a power of sale clause. The lender must sue in court to obtain a court order to foreclose.

Non-judicial foreclosure is the process employed when the loan documents do include a power of sale clause that authorizes the lender to sell the property to recover the loan balance in the event of the borrowers’ default. If the power of sale clause defines the time, place, and terms of sale, then that procedure must be followed. If not, the procedure is as follows:

1. Before beginning the foreclosure process the lender must mail a letter of demand to the borrower for payment the delinquent amount within 20 days.

2. If the borrower fails to pay after the 20 day period has expired, and at least 21 days before the scheduled sale date, the lender must record a notice of sale with the county clerk, post the notice on the courthouse door, and mail s copy to the borrowers at their last known address.

3. After the proper preliminary notices have been giving, the sale will be a public auction held on the courthouse steps, and will be held on the first Tuesday of any month, even if that Tuesday is a legal holiday. The lender may bid by canceling all or part of the outstanding loan balance, and in the absence of any higher bids, take title to the property.

4. The lender may obtain a deficiency judgment, limited to the difference between the sale amount and/or fair market value and the outstanding loan balance.

http://www.expert-loan-modification.info. Many American homeowners today are falling behind on their mortgage payments. Sadly, a close family member was one of them. Faced with the threat of foreclosure by his bank he started looking into the possibility of refinancing the mortgage to reduce his monthly payments. He knew that if he could get the payments down, he would be able to keep his family’s home. This article provides an overview of some key lessons he learned during this painful process.

I won’t go into all of the details of his personal journey through the loan modification process but let’s just say that it was pure hell. He tried to figure out the process on his own and quickly found out that he needed some expert advice.

He then started contacting “loan modification experts” and that is when things got really confusing. He expected to deal with professionals. Instead he was swamped with annoying calls from kids, fresh out of college, who didn’t even know how to spell mortgage let alone renegotiate my loan with my bank. He learned the hard way that most of these amateurs (who called themselves specialists) were really part of a complex network of loan modifications scams.

Here are the top 5 warning signs that the company you are talking to might be part of a loan modification scam.

1.They charge a large upfront fee. Many scammers will ask for $1,000 or more up front hoping that they can pocket your money before you catch on. There are lots of good firms that will charge a small fee ($200 or less) to get started but a large fee is a big warning sign.
2.They claim to have “secret information” that will help save your home. That’s a load of (you know what). There are no secrets in the mortgage industry. All legitimate businesses play by the same set of rules.
3.They use high pressure sales tactics. Constant follow up calls, trying to push you to make a decision, describing how your family will end up homeless…these are signs of a scammer at work.
4.They can’t (or won’t) provide references. Ask for a list of families they have helped. If they can’t give you references they are either a scammer or really bad at the loan modification process. Either way, you should avoid them.
5.They “guarantee” that they can save your home. No legitimate and ethical business would ever guarantee that they can fix the problem until they know the details of your situation. If someone guarantees the results to get you to sign up with them they are probably a scammer.

How do you protect yourself? Start by dealing with a free service that already screens out the scam artists. Click here to visit the company that he used.

Find an expert to help you with your loan modification by going to http://www.expert-loan-modification.info

Don’t get ripped off by a scammer!