Texas’s foreclosure process is usually fast, as foreclosure sale occurs every first Tuesday of the month. This means if you receive a foreclosure notice towards the ending of a month, you can lose your home in a week less. This puts so much pressure on homeowners who are having financial difficulties. However, it does not have to be that way. The federal law requires that lenders wait 120 days after you stopped paying your mortgage before foreclosing your home. You can maximize this period, also called the pre-foreclosure period, to explore alternatives to stop foreclosure. Here are some steps you can take towards stopping foreclosure in Texas:

• Get familiar with the state of your account

Even though you have already received a foreclosure notice, you won’t be able to make a significant decision if you did not find out how you got there and what is happening. By now, you won’t just be owning your missed payments. Other charges, such as late fees, would have been included in your account. Read past emails to know the current amount you need to pay back. And review your loan agreement for important information and options such as loss mitigation that your lender might have available.

• Contact your lender

You should already know which form of loss mitigation your lender offers, or you can start by making enquires about it. Consider carefully which of the offer is best for you despite whatever state your financial situation is currently. You might need to take to a lawyer about your situation and the suggestions given by your lenders; this will save you a lot of headaches and time.

• File for bankruptcy

Due to Texas’s foreclosure process’s fast nature, you might not have enough time to explore multiple options. However, suppose the foreclosure sale date is a near or a day away. In that case, the most effective way to stop foreclosure is reduced to filing for bankruptcy. Discuss with your attorney about this and take action as soon as possible.

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