Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

David asks…

How long does it take to stop the foreclosure process in Texas,once a deal has been reached w/the mortgage co?

We received notice back in February that our landlord was going into foreclosure on the house that we rent. It was posted for auction on the county website, etc…When we were finally able to get a hold of the landlord, she said that it was being taken care of and they had the money to pay it. She said they made a deal with Citimortgage to do 2 payments and that it just had to get final approval. After weeks of waiting, we get the call that the house wasn’t being foreclosed on…it was approved. GREAT!….However, the next month we started getting letters again. Checked public records and the house was listed again for auction the following month. Landlord said it was just part of the process; the Mortgage company had to refile it?? This has happened every month and she just keeps saying that Citimortgage is so swamped, that they haven’t been able to talk to anyone.
I searched public records today and found Citi assigned a substitute trustee and the house is on the auction list for July 7th.
I’m just wondering if she is being truthfull about this process or if she’s full of s%*#..
Sorry this is so long, but any help with this would be greatly appreciated!

Your Questions About Foreclosures

The Expert answers:

If she reaches a deal with the mortgage company, it can be done the day of the auction, up to 5 minutes before assuming she gets ahold of the trustee at the courthouse- which is not that hard to do.

Assigning a substitute trustee is normal. I would talk to her about paying your rent directly to the mortgage company and the extra to her so neither of you have to deal with this problem anymore. Or setting up a different account that those mortgage payments are directly taken out of after you deposit your rent payment.

But even if the home is foreclosed on, the new owner has to evict you- which is a couple month long process. Most likely the new owner will be an investor who will want to keep you in the home instead of having to find a new renter!

Your Questions About Foreclosures

George asks…

state statutes in texas foreclosure?

what is the foreclosure process in texas

Your Questions About Foreclosures

The Expert answers:

The simplest explanation that our research department has found is here:
Texas A&M information pamphlet on Foreclosures: http://recenter.tamu.edu/tgrande/vol13-3/1786.html
If you want to do legal research on the laws of the state you will need to go here:
LAWS: http://www.capitol.state.tx.us/statutes/statutes.html
Since homestead is usually an issue in these type of proceedings you might want to look here:
Article on Homestead in Texas: http://recenter.tamu.edu/pdf/1136.pdf#search=%22Florida%20Homestead%20Laws%22
Issues usually arise when collections of a debt begins so here is the information on how that works
Debt collection brochure from the Attorney General’s office: http://www.oag.state.tx.us/AG_Publications/txts/debt.shtml
Since usually the debtor has no money (reason for foreclosure) this link offers an opportunity to get legal representation
Free and low cost legal assistance: http://www.texaslawhelp.org/TX/index.cfm and this one
Legal aid: http://texaslawhelp.org/TX/StateDirectory.cfm/County/%20/City/%20/demoMode/=%201/Language/1/State/TX/TextOnly/N/ZipCode/%20/LoggedIn/0/directory/11/searchletters/bysa
In case the issue of propriety in the lending process comes up this link offers some answers to some questions
Home Equity lending gaps in the state of Texas (an article): http://www.cpa.state.tx.us/specialrpt/homeeqty03/
Lots of research but you should be able to get a handle on the process by the time you finish your research.
Buena Suerte

Your Questions About Foreclosures

Linda asks…

What is the length and process of a foreclosure in Texas?

How long would I have before they foreclose on my home in Texas. How much time would I have before I had to move out. I am going to be a month behind because my air conditioner went out. The only way I have to fix it is to use the mortgage payment. In my past experience they have sent me letters when I have been a month behind that they would foreclose in 20 days. How long is the whole precedure and when would I have to move out? It is possible I would have the extra money in about 3 months and could catch up.
How can I find out what the policy of the lender is?

Your Questions About Foreclosures

The Expert answers:

It depends on the lender.

Pay the mortgage before the A/C though.

Your Questions About Foreclosures

Lizzie asks…

what is process of foreclosure in the state of Texas, and how long before you may be evicted?

Your Questions About Foreclosures

The Expert answers:

Here’s a link: http://foreclosurelaw.org/Texas_Foreclosure_Law.htm

Mr. Financial Freedom
http://www.5stepstofinancialfreedom.com

Your Questions About Foreclosures

Ruth asks…

How many mortgage payments are people usually behind before the bank starts the foreclosure process?

In Texas if that helps

Your Questions About Foreclosures

The Expert answers:

Varies, but three (90 days) is usually sufficient.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures