Re: law on foreclouser in texas

Posted by Bartleby on September 23, 2005 at 00:08:26:

In Reply to: law on foreclouser in texas posted by rickey on September 13, 2005 at 15:15:29:

First of all, you do not have to get out of the house on their say so. They have to go to court on an unlawful detainer suit.

Here is the process: 1) They must give you a 21 day notice of intent to accelerate principle. During this time you can make up back payments without the entire loan amount falling due.
2) Next comes 21 day notice to foreclose. The sale is the first Tuesday of the month. The bank may sale it to the highest bidder or which is most often the case the bank buys it for the amount owed plus legal fees.
3) When the sale takes place you become a tenant at suffrance, subject to eviction at the will of the owner. However, they have to take several steps-- 1) Three day notice to vacate. 2) After three days they file eviction with JP court. Court date is usually 10 to 15 days off. Minimum ten days. 3) You lose in court. . .Ten more days before judgement becomes final. 4) After these ten days, if you have not moved, the constable gives you, and I am not sure about this, but I think it is another ten days to vacate. DO NOT IGNORE THIS!! This is where it gets serious... MOVE... The owner will get a crew and under the watchful eye of the constable, put your possessions to the curb.

Usually, the time frame is expanded as these time periods are not pushed by the mortgage company or the new owner. If the bank buys it, they may take as much as two months before it wends its way through their bureaucracy. If purchased by someone other than the bank at foreclosure you will probably received a notice immediately. As a general rule if you do not have a 20% equity or more the bank will buy it.

Hope this helps.

: im two months behind and the morgage company called and told me to be out in 10 days. i offered a partial payment untill the first of the month. they said they would not accept it. i thought the law was 3 months before they could foreclose. please advise me thank you

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Comments:
: First of all, you do not have to get out of the house on their say so.  They have to go to court on an unlawful detainer suit.

: Here is the process: 1) They must give you a 21 day notice of intent to accelerate principle.  During this time you can make up back payments without the entire loan amount falling due.
: 2) Next comes 21 day notice to foreclose.  The sale is the first Tuesday of the month.  The bank may sale it to the highest bidder or which is most often the case the bank buys it for the amount owed plus legal fees.
: 3)  When the sale takes place you become a tenant at suffrance, subject to eviction at the will of the owner.  However, they have to take several steps-- 1) Three day notice to vacate. 2) After three days they file eviction with JP court. Court date is usually 10 to 15 days off.  Minimum ten days.  3) You lose in court. . .Ten more days before judgement becomes final. 4) After these  ten days, if you have not moved, the constable gives you, and I am not sure about this, but I think it is another ten days to vacate.  DO NOT IGNORE THIS!!  This is where it gets serious... MOVE... The owner will get a crew and under the watchful eye of the constable, put your possessions to the curb.

: Usually, the time frame is expanded as these time periods are  not pushed by the mortgage company or the new owner.  If the bank buys it, they may take as much as two months before it wends its way through their bureaucracy.  If purchased by someone other than the bank at foreclosure you will probably received a notice immediately.  As a general rule if you do not have a  20% equity or more the bank will buy it.

: Hope this helps.


: : im two months behind and the morgage company called and told me to be out in 10 days. i offered a partial payment untill the first of the month. they said they would not accept it. i thought the law was 3 months before they could foreclose. please advise me thank you


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