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Under Texas law, a lender has to use a quasi-judicial process to foreclose a home equity loan. In this process, the lender must get a court order approving the foreclosure before conducting a nonjudicial foreclosure. Also, Texas law doesn't allow deficiency judgments following the foreclosure of a home equity loan.

Generally, the foreclosed borrower is entitled to the extra money; but, if any junior liens were on the home, like a second mortgage or HELOC, or if a creditor recorded a judgment lien against the property, those parties get the first crack at the funds.

A borrower whose first loan was foreclosed on can still be liable for the balance of a home equity loan. The equity loan is no longer secured by the property and becomes a personal debt instead.

The process may take as little as 41 days, depending on the timing between mailing the required notices and the actual foreclosure date. All foreclosure sales in Texas occur on the first Tuesday of the month between 10 a.m. and 4 p.m. The commissioner's court designates the loca- tion.

Defaulting on a home equity loan or HELOC could result in foreclosure.If you have equity in your home, your lender will likely initiate foreclosure, because it has a decent chance of recovering some of its money after the first mortgage is paid off.

In Foreclosure, Equity Remains Yours If you cannot get new financing or sell the home, the lender can sell the home at auction for whatever price they choose. If the home does not sell at auction, the lender can sell the home through a real estate agent. Remember that equity is what you own of your home's value.

However, you do not have to lose everything in a foreclosure. When faced with a foreclosure, there are things that you can be allowed to remove from the home. For example, you are allowed to remove personal property or anything else that's not considered part of the real estate.

How long does it take to foreclose a property in Texas? Depending on the timing of the various required notices, it usually takes approximately 60 days to effectuate an uncontested non-judicial foreclosure.

Foreclosure rules in Texas require that you have at least 21 days' notice in writing, beginning on the day the notice goes into the mail, before the lender sells your home at auction. The lender must also post the Notice of Sale at the door of your county courthouse and file it with the clerk of that county.

Texas Home Equity Foreclosure Order

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