Foreclosure in Texas is a three-step process that requires the mortgagee to obtain a judgment from the court before they are allowed to sell the property. This procedure is rare in Texas, and is governed by Rule 309 of the Texas Rules of Civil Procedure. Notices of the foreclosure sale of a residential property must be submitted to the county clerk and posted at least 21 calendar days before the expected foreclosure date. However, the lender or their lawyer can report the default, expedite the debt and even process the foreclosure in less time, but the foreclosure sale itself should not take place until the 30-day debt verification period has expired.
Generally, servicers must provide borrowers with opportunities to mitigate losses, consider each stage of foreclosure, and strictly comply with foreclosure laws. In this process, the lender must obtain a court order approving the foreclosure before carrying out a non-judicial foreclosure. The rules for this type of foreclosure process are described below in the Foreclosure by Power of Sale Guidelines. A judicial foreclosure begins when the lender files a lawsuit asking a court for an order to allow a foreclosure sale. Buying property through a foreclosure sale is a popular form of investment, but it contains traps for the unwary. What happens in an extrajudicial foreclosure is that a lender can immediately begin the foreclosure process without needing to appear in court, which will greatly accelerate the process.
In larger metropolitan areas, there are foreclosure advertising services that publish a monthly list of properties advertised for foreclosure. It's a fact that foreclosure can be stopped, but the only sure way to do so is to file a lawsuit and successfully convince a judge to issue a temporary restraining order before the foreclosure sale. Real estate attorneys (or anyone else) who send foreclosure notices and carry out foreclosure are, whether they are fully aware of it or not, debt collectors when it comes to communicating with a debtor in order to attempt to collect or reinstate a delinquent real estate note.
