Dealing with the threat of foreclosure because of sudden financial setbacks? The best-case scenario is reaching an agreement with your lender before things get out of hand. But even if that’s not possible, knowing what to expect during the foreclosure process can help you regain control and make informed choices. In this article, Electrum Properties breaks down the steps Texas homeowners typically face during the foreclosure process — and how our team can step in with real solutions designed to benefit everyone involved.
Default
Most lenders understand that homeowners in Texas may face short-term financial hardships, and they often offer grace periods or temporary relief to help during tough times. But if missed payments continue without resolution, your lender will likely begin reaching out through several methods — calls, letters, and emails — in an effort to work out a repayment plan before moving forward with formal foreclosure proceedings. These communications are typically aimed at finding a solution, but if no agreement is reached, the process can quickly escalate.
Notice of Default
As part of the foreclosure process, lenders will send a notice of default to Texas homeowners, giving you a 90-day period to bring your loan current and resolve the delinquency before further legal action is taken.
Mortgage Reinstatement
For Texas homeowners already in foreclosure, there’s still a chance to stop the process. If you’re able to pay the past-due amount along with any accrued interest and penalties, you may be eligible to reinstate your mortgage. By working directly with your lender, you can bring the loan current and return to your normal payment schedule, effectively preventing the foreclosure from moving forward.
Notice of Sale
Once 90 days have elapsed after the default notice, Texas homeowners will next receive a notice of sale during the foreclosure process. Within 21 days, the trustee (your lender) will auction the property.
Auction
The final foreclosure step for Texas homeowners is the auction, where the winning bidder must immediately pay for the property. If the home doesn’t sell, it becomes an REO (real estate owned) property, reverting to the lender. If you haven’t vacated, expect the buyer to serve an eviction notice. With REO properties, lenders sometimes offer “cash for keys” to help with your transition and regain possession.
Another Option
For Texas homeowners facing foreclosure, there’s a better solution: selling directly to local problem-solvers like us at Electrum. First, our professional buyers will transparently outline what you’d earn by listing your property, including average days on the Texas real estate market. Then, we’ll provide you with the exact figures used to calculate our cash offer, which we want you to recognize as fair. At Electrum, we can guarantee a closing date, often within days. We operate this way for two reasons: we want you to make an informed decision that’s best for your situation, and as your neighbors in Texas, we want you to feel good about our transaction long after closing, knowing you got your freedom back.
Electrum
A direct sale to Electrum can transform the situation for Texas homeowners facing foreclosure; our mission is to create win-win solutions that save you time and money. When you sell directly to us, there are no commissions, closing costs, or hidden fees – we believe in complete transparency and zero pressure. To save you even more, at Electrum, we buy houses as-is for cash in Texas, meaning you won’t spend a penny on preparations, repairs, or cleaning. You can even select your preferred closing date when you work with Electrum, as we’re committed to accommodating your needs. Call Electrum at 806-630-0875.