What protection do homeowners have in a foreclosure process?

In Texas, homeowners have a number of protections in a foreclosure process. These protections are meant to give homeowners more time and a better chance of avoiding foreclosure altogether. One of the protections is a "cure period", which is a set time period that a homeowner must be given to pay back any past-due amounts before foreclosure can begin. During this period, the homeowner has the chance to come up with funds to avoid foreclosure. Another protection that homeowners have in a foreclosure process is the right to mediation. This allows the homeowner to meet with their lender to try and come up with a plan to stay in the house. The lender may agree to an adjusted mortgage payment schedule or even may agree to forgive the past-due balance. Homeowners also have the right to pursue loan modification, which is when the homeowner requests a change to the terms of their loan agreement. If the lender agrees to the modification, the homeowner has a better chance of avoiding foreclosure. Finally, homeowners in Texas have the protection of Texas homestead laws. These laws protect some of the equity in a person’s primary residence from creditors and lenders, meaning they cannot seize the home in a foreclosure. These protections have been put in place to help give homeowners in Texas a chance to stay in their homes if they are in a difficult financial situation. It is important to seek the help of a legal professional as soon as possible to ensure that you are taking advantage of all the rights and protections available to you in a foreclosure process.

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What protection do homeowners have in a foreclosure process?

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