The housing market and the economy in general have been recovering since the "Great Recession" of 2008. However, some Texas families are still facing financial difficulty. Certain families could even be facing the threat of losing their home to foreclosure. If you're in this situation, you might be curious how long the foreclosure process takes to complete.
According to recent statistics, the state of Texas has some of the fastest foreclosure times on the books. On average, Texas foreclosure proceedings are done within a couple months -- that's just 60 days.
In Texas, lenders have the option of doing a "judicial foreclosure" or a "nonjudicial foreclosure." Judicial foreclosure simply means that it requires court approval for the foreclosure's completion. Judicial foreclosure proceedings tend to take longer than those that don't involve the courts.
There are certain legal actions that families facing foreclosure can take, and those actions could serve to delay or pause their foreclosure processes, giving the families time to catch up on past-due mortgage payments. In some situations, legal strategies could prove to eliminate the threat or problem of foreclosure for a family so that the family can continue living in and keeping the home.
At the law offices of Matthew J. Obermeier, we hate to see any Texas family facing financial difficulties. Even worse, we do not want any family to have to lose the home after getting behind on mortgage payments due to unexpectedly being short on cash. If you or your family is currently being served with a foreclosure notice -- or if you think you could get behind on mortgage payments -- our San Antonio law office is available to speak with you about strategies that could help you keep your home.