What is the foreclosure process in my state?

In Texas, the foreclosure process begins when the lender, or creditor, has not been paid by the borrower, or debtor. The lender then serves notice to the borrower, demanding payment within a certain amount of time, usually between 20 and 30 days, and warning of foreclosure if the debt is not paid. Once this notice is served, the lender may then file a lawsuit in the Texas court system to begin foreclosure proceedings. The borrower may receive an additional notice of the foreclosure in the mail. Once the court has granted the foreclosure judgment, the lender will take possession of the property and serve the borrower with a notice of foreclosure sale. The foreclosure sale is an auction in which bidders submit sealed bids for the property. The high bidder is granted ownership of the house, and the lender is given the money owed, including any unpaid principal, interest, and fees. Any remaining proceeds from the sale are distributed to the borrower. The borrower then has ten days to challenge the foreclosure sale, and if challenged, the sale will be stayed until a hearing is held by the court. If the sale is not challenged, the foreclosure process is complete and the borrower is then liable for any deficiency judgments (monies owed after the foreclosure sale) if applicable.

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What is the foreclosure process in my state?

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