What happens if I don't make my mortgage payments?

If you do not make your mortgage payments in Texas, the lender may foreclose on your property. Foreclosure is a legal process that allows the lender to take ownership of the property and sell it to cover the debt you owe. During the foreclosure process, the lender will file a lawsuit in state court. You will receive a notice of the lawsuit and will be given the opportunity to respond in court. If the court rules in favor of the lender, they may issue a foreclosure order, which gives the lender the right to sell your property. The foreclosure process can take anywhere from four to eight months but may be shorter depending on the circumstances. After the foreclosure order is issued, your property will be sold at a public auction. During this process, you have the right to stay in the home as long as you pay your monthly mortgage payments. However, at the foreclosure sale, you won’t be able to bid on the home and reclaim ownership. In some cases, you can negotiate with the lender to work out a payment plan that allows you to keep your home or to buy it back. If you’re unable to make any kind of payment agreement, the lender will sell the property and you’ll be evicted.

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What happens if I don't make my mortgage payments?

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