Types Of Foreclosure
There are differences between judicial and nonjudicial foreclosures. If you are not fully informed of the laws, you can lose your home without even going to court. Attorney Bill Lively will ensure you have the best chances of success at protecting your home.
In this type of foreclosure, creditors file to get a court order to seize the property. Once the court grants the foreclosure, the mortgage holder receives the property, and it is typically auctioned off to the highest bidder or sold outright.
If a power of sale clause happens to exist in the mortgage, the foreclose process will instead be that of nonjudicial foreclosure. This power of sale means that the borrower has already authorized the sale of the property if they go into default on their loan.
Protect Your Home Through Bankruptcy
Not everyone is familiar with foreclosure laws in Texas. Bankruptcy may protect your home, so it’s important to talk to a lawyer as soon as you can to see if bankruptcy could halt your foreclosure.