How long does it take for a lender to foreclose on a Texas home. Since Texas is a non-judicial state it takes less time to foreclose than other states. In fact when you sign your mortgage docs at closing you pre-authorized the sale of the home in case of default.
Here’s somethings to know about the Texas foreclosure timeline.
“When Foreclosure Can Start? (from Nolo.com)
“Under federal law, the servicer generally must wait until you are more than 120 days delinquent on payments before officially starting a foreclosure. (To learn more, read How Soon Can Foreclosure Begin?)
Texas has the fastest foreclosure timeline in the U.S. The average time is 159 days.
The steps in foreclosure include:
- The Borrower defaults on the loan by missing payments.
- The Trustee records the Notice of Default (NOD) and sends a copy to the borrower.
- After the statutory period (described in the NOD), the notice of sale is posted on the property.
- Sale is advertised to the public.
- If the borrower does not bring the account into good standing, the property is auctioned at the foreclosure sale.
