Texas Foreclosure Notice Requirements
Description
How to fill out Texas Petition For Release Of Excess Proceeds And Notice Of Hearing?
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FAQ
Texas law requires that the lender/servicer must send the borrower a notice of default and intent to accelerate by certified mail that provides at least 20 days to cure the default before notice of sale can be given.
Texas is bound by federal law that stipulates a borrower must be 120 days delinquent on a mortgage loan before the foreclosure process can begin. The manner in which most mortgages are structured means that four mortgage payments will likely be missed before a lender will begin the foreclosure process.
In most cases involving a home loan, federal regulations state the foreclosure action cannot begin until the loan is over 120 days delinquent. Texas Civil Practice and Remedies Code Section 16.035 places a 4-year statute of limitations on foreclosure actions though there are some exceptions to this law.
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
In a non-judicial foreclosure, after the 20-day "right to reinstate" period has expired and at least 21 days before the sale, the servicer must provider the borrower with a Notice of Sale, letting them know the date and earliest time of the sale.