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Homeowners at risk of default and foreclosure should contact a real estate professional as soon as possible.
Explore this web site and learn why Nancy David is one of the Atascocita, Humble, and Kingwood real estate market's most knowledgeable and experienced professionals. Whether you are looking to buy or sell real estate in Atascocita, Humble, Kingwood or anywhere in the northeast Houston area, Nancy David looks forward to sharing her knowledge and passion for real estate and providing a world-class real estate experience.
Visit my Distressed Real Estate Deals web page for complete information about purchasing distressed real estate including foreclosure and short sale properties.
Foreclosures in the state of Texas can happen quickly. The primary method of foreclosure in Texas is known as a non-judicial foreclosure. Generally, prior to initiating a foreclosure the lender must send a demand letter requesting any past due amounts and provides 20 days for the borrower to pay, otherwise foreclosure proceedings will begin. After the 20 day notice and 21 days prior to the foreclosure sale, a notice of default must be filed with the county clerk, mailed to the defaulting borrower, and be posted at the county court where any sale would occur. Foreclosure sales must take place on the first Tuesday of each month at the court house. Texas has no statutory right of redemption which would allow a party whose property has been foreclosed to reclaim that property, with the exception of some property tax foreclosures.
View the Texas Property Code for complete information on the foreclosure process and for legal guidance or questions please consult an attorney.
Homeowners at risk of default should turn to real estate, tax, and legal professionals for assistance. As a Short Sale and Foreclosure Resource certified real estate professional in the Humble and Kingwood area, I want to help my clients understand their options to potentially avoid foreclosure, so please contact me for immediate assistance. Foreclosure avoidance options can include:
Foreclosures can lower credit scores by almost 150-200 points or more and remains a public record and on credit history for 7 years. The impact of a short sale to credit scores depends on how the lender reports the information to the credit bureau's. It is possible that if the owner is current with other payments, a short sale may only lower credits scores by approximately 50 points, however in some cases is could be similar to reporting of a foreclosure.
There was a FICO™ study in 2011 that simulated various types of mortgage delinquencies and the impact on FICO™ scores. The informaiton is available on the FICO™ Banking Analytics Blog.
If you are a homeowner at risk of default please take a moment to review these links for additional information on foreclosure alternatives:
This site is not intended or offered as legal advice. This information is provided for educational and information purposes only. For legal guidance or questions please consult an attorney.
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