Foreclosure Can Move Fast in Texas
Most Texas home loans can be foreclosed without going to court. Generally, the lender must send a notice of default giving you at least 20 days to catch up, followed by a notice of sale at least 21 days before the auction. Texas foreclosure auctions are held on the first Tuesday of the month at the county courthouse. A homeowner can go from a first notice to an auction date in a matter of weeks.
If you've received a notice, the most important thing is to act now, while you still have options.
Your Options
- Catch up (reinstatement). Pay the past-due amount plus fees. Call your lender for the exact figure.
- Loan modification or repayment plan. Ask your servicer. A HUD-approved housing counselor can help you with this for free.
- Sell the house. If you can't keep it, selling before the auction can pay off what you owe and put any remaining equity in your pocket instead of losing it.
- Talk to an attorney about bankruptcy or other legal options.
How Selling to Us Can Help
A traditional listing often takes 60–90 days or more, which is usually longer than you have. Because we pay cash, we can often close in a couple of weeks, sometimes sooner if the title is clear. At closing, the title company pays your lender directly, including back payments and fees. If there's equity left, it goes to you.
If the house is worth less than you owe, we may still be able to help by working with your lender on a short sale. We'll be honest about whether selling makes sense for you.
Behind on Property Taxes?
Delinquent property taxes in Texas can also lead to a tax lawsuit and a sale of the property. Penalties and interest keep adding up every month. When you sell, the title company pays off the tax bill at closing so the debt stops growing.
We're real estate investors, not attorneys or tax professionals. This is a general overview of what we commonly see, not legal or tax advice.
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