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Answers To The 5 Most Common Foreclosure Questions in Texas

Austin Texas – When meeting with clients to discuss how they can avoid foreclosure, inevitably 5 questions will always come up at some point. These are by far the 5 most common asked questions regarding foreclosure I hear in almost every bank short sale case I work. These 5 frequently asked questions (FAQ) regarding foreclosure are the following:Q. How many payments do I need to miss before I lose my home to foreclosure?A. After one missed payment on your mortgage, you are in breach of your agreement with your lender/servicer. Although most lenders/servicers do not start foreclosure proceedings after only one missed mortgage payment, late charges apply and over time can add up. If you continue to miss your payments, it will make it harder for you to catch up. Many/most lenders/servicers will start the foreclosure process after you are two to three payments behind (in Texas).Q. How long will the foreclosure process take?A. Texas foreclosures are carried out both in court and out of court. Compared to many states, it is extremely easy to foreclose on properties in Texas and the process moves rather quickly. The entire non-judicial foreclosure process can take as little as 60 days in Texas. Most ... more

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