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Texas Foreclosure Process
Maximum delinquency period: 150 days
Time limit from foreclosure start to completion: 90 days
Total maximum time from last payment to foreclosure completion: 240 days
Foreclosure Type: Non-Judicial
Initial Step: Publication
Redemption: None
Deficiency Judgment: Allowed
Security Instrument: Trust Deed
 
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Collin County Foreclosure

Intervention plan to save your Home - DIY

1. You're in Trouble  --You may have recently lost your job or fallen ill -- and now you're behind in your mortgage payments. 
Answer - Look at unlike reserves (cashing CD, borrower against your life insurance, sell unused items).

2. Missing Payments  --The 30-day late notice has arrived. 
Answer - Discuss a forebearance plan. This is nothing more than a special payment plan that you and the bank can setup.  Think about refinancing with a longer term. This can reduce your monthly payment, but will increase the duration.

3. Discussions are no longer an option --After 90 days banks and lender are less likely to offer forebearance and refinancing options.
Answer - Once you receive a NOD (Notice of Default) you must appear in court where another opportunity to save your home by offering some type of payment. These payments are also called "partial claims" which allows you the mortgagee to advance funds to the bank in the form of a promissory note. Keep in mind, you must be within 12 months delinquence.

4. Your home is set for auction. 
Answer - If there are no buyers for your home the bank will take ownership or another option is a deed in lieu. A deed in lieu allows you the mortgagee to sell you home back to the lender that financed the mortgage. You won't save your home, but it can help your credit.
 Home mortgage rates and real estate news - CNNMoney.com 
  • Housing quagmire: Is it time to remove relief?
    • For the growing number of struggling homeowners in this country, more help is on the way. Additional aid from the federal government will begin making its way to them next month -- one program would help qualified homeowners refinance their mortgages after seeing their property values fall below the amount they owe, and the other includes another round of funding to help the unemployed or underemployed with their payments. more >>

  • A reward for responsible homeowners
    • The government has bailed out Wall Street firms, giant banks, creditors of Fannie Mae and Freddie Mac -- and is trying to bail out people who've defaulted or are about to default on their mortgages. But let's say you're a hardworking family that has done nothing wrong except buy a home when the housing bubble was at its peak a few years ago. Your mortgage is now way underwater, but you're still making payments because you want to stay in your home -- and you're actually honorable. You're paying for everyone else's bailout, but because you have no equity in your house, you can't refinance to take advantage of the ultra-low mortgage rates that Uncle Sam's bailout strategy has produced. To use the technical term, you're being screwed. more >>

  • Home prices gain 3.6% in past year
    • Despite a recent spate of bad news coming out of the housing industry, home prices show signs of stabilizing. more >>

  • Tips for getting homeowners insurance
    • 1. Loyalty is overrated more >>

  • America's most overvalued cities
    • Don't say we didn't warn you. more >>

  • Foreclosures: How bad is your state?
  • Surprise! Banks help more homeowners than Obama
    • Remember how everyone complained that banks weren't doing enough to help troubled borrowers? more >>

  • Remodeling your home? Get online
    • Home improvement is one of the fastest-growing segments of e-commerce. But the consequences of a bad decision when it comes to finding a contractor or remodeling products online are far worse than buying the wrong paperback. more >>

  • Say goodbye to the McMansion
    • The American home is shrinking. Toll the bell for the McMansion. more >>

  • Fewer mortgages are in default
    • Fewer mortgage borrowers are delinquent on their loan payments, according to the latest data from the Mortgage Bankers Association. more >>

  • Best moves for home buyers and sellers
    • Plenty of forces, from overly cautious lenders to inaccurate appraisals, are wrecking real estate deals right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers. more >>

  • Housing's a wreck. Builders rally. Huh?
    • Stop me if you've heard this before. The housing market is still in shambles. more >>

  • New home sales drop 12.4%
    • New home sales unexpectedly fell in July to the lowest level on record as the housing market continued to suffer from the end of the homebuyer tax credit boost. more >>

  • Toll Brothers: First profit in 3 years
    • Homebuilder Toll Brothers made a profit last quarter -- its first in three years. And it largely has Uncle Sam's tax credits to thank for it. more >>

  • The latest real estate rip-off?
    • Would you be willing to pay the original builder a fee when you resell your home? That's an obligation some developers are trying to slap on homeowners in their communities. more >>

  • Plunging home sales could sink recovery
    • With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery. more >>

  • 10-year yield at 19-month low
    • Treasury yields continued to fall Tuesday, with the yield on the benchmark 10-year note holding near a 19-month low, as a spate of dour economic news has driven investors into safer assets, like government-backed debt. more >>

  • Foreclosure program losing its punch
    • The president's signature foreclosure rescue plan is losing its punch, according to a federal report released Friday. more >>

  • 5 most affordable cities to buy a house
    • These are the five most affordable major metro areas in the nation for homebuyers and five markets where home prices are least affordable. more >>

  • Refinancing applications at 15-month high
    • Applications for mortgage refinancing hit a 15-month high last week as interest rates remained near historic lows, a mortgage bankers' group said Wednesday. more >>

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