Pre Foreclosure Process

[Shane Colar]

Does anyone know the steps of pre foreclosure in Texas?

[Lydia R.]

@Shane Colar Can you be more specific about what you mean? What are the steps as far as how a homeowner gets into preforeclosure?

The steps in TX:

1. The homeowner becomes 120 days delinquent on their mortgage (Dodd-Frank mandates this)

2. The lender/loan servicer sends a notice to cure the default. Homeowner has 20 days to bring the loan current or the lender will move forward with the foreclosure.

3. Trustee must post the actual foreclosure notice 21 days prior to the auction date

4. Auction occurs the first Tuesday of the month.

*somewhere between step 1 and step 4 the lender appoints a substitute trustee to conduct the sale. Here in Dallas county Auction.com gets the majority of the properties, but there are a handful of trustees that come and auction a smaller list of properties*

Not sure if those are the steps you were looking for.