How foreclosure works in Texas
Most Texas home loans use a deed of trust, which allows a non-judicial foreclosure without a lawsuit. In general, for a homestead the lender must first send a notice of default giving at least 20 days to cure, then post and send a notice of sale at least 21 days before the sale. Foreclosure sales are held on the first Tuesday of the month at the county courthouse.
That means the window between the first notice and a sale can be a matter of weeks. If you have received a notice, read the dates carefully and talk to your lender, a HUD-approved housing counselor or an attorney right away.
Your options
- A loan modification, forbearance or repayment plan with your lender
- Refinancing, if your credit and equity allow it
- Selling the house, on the market or directly, and paying off the loan at closing
- A short sale, if you owe more than the house is worth and the lender agrees
We are one of those options, not the only one. If keeping the house is realistic, that is usually the better outcome.
How a direct sale helps
A cash sale does not depend on a buyer’s mortgage approval, so it can close quickly once the title company has the payoff figure. The loan, past-due amounts and fees are paid at closing, and any remaining equity goes to you.
How we can help
- A written offer, with our numbers explained
- No commission or fee charged by us
- No repairs, cleaning or showings
- You choose the closing date
- Closing at a Texas title company
- We tell you in writing if we may assign the contract
This page is general information about Texas, not legal, tax or financial advice. For your situation, talk to an attorney or tax professional.
Frequently asked questions
Can I sell my house if a foreclosure date is already set?
Often, yes, if the sale can close before the foreclosure date. Contact us and your lender as early as possible. The closer the date, the fewer options there are.
Will selling stop the foreclosure?
If the loan is paid off at closing before the sale date, the foreclosure does not go ahead. The title company coordinates the payoff with your lender.
What if I owe more than the house is worth?
Then a sale would need the lender to accept less than the full balance, which is called a short sale. Ask your lender and a housing counselor about it.