Unfortunately, if you're a homeowner who has recently gotten behind on your mortgage payments, you may be in the middle of a foreclosure. At this time, the lender takes possession of your property, and it can have major consequences for you. According to SoFi Learn, South Carolina had the most foreclosures in 2022, with one in every 2,301 homes going into foreclosure, but these occurrences are still popular in our state of Texas. Here are some of the steps foreclosure attorneys will help you through.

Default

The foreclosure process begins with a default, which happens once you miss a payment or violate the terms of your mortgage agreement. They'll initially give you an official notice of such default and give you time to pay it off. However, if you miss the fault deadline, the foreclosure process will begin.

Notice of Sale

The County Recorder office will announce the date and location of the public auction where your home will be sold to the highest bidder. You'll also get an official notice in the mail of this notice of sale. The same notice will also be posted on your property. From that time, you'll have an additional three months to pay off the default or find another option.

Redemption Period

Luckily, you still have more time during the redemption period. You can stop the foreclosure process by working with foreclosure attorneys to pay off the loan fees and any penalties that have resulted from this issue. The amount of time of this redemption period depends on your state. Some states may only give you a few days to handle the situation. Others give you a few months or even give you a year.

Bidding

As mentioned, your home will go up for sale at a public auction to the highest bidder. This part happens if you can't settle the payment during the redemption process. Whoever gets the highest bid will walk away with a certificate of sale. A confirmation period with the court checks to ensure that the sale was legal.

Eviction

Once under new ownership, you must prepare to leave. You may have to leave within a few days or weeks once the eviction process starts. The amount of time that you have usually depends on your local or state laws. In reference to Texas, our experts will be able to break everything down for you.

Losing your home to foreclosure is harder than anything. Not only will you lose your home, but you will also have a hard knock on your credit for years to come. If you go through this process, the right legal professionals can help you. Contact our local foreclosure attorneys for more information.