How Texas foreclosure generally works

1. 1

   Missed payments

   After a missed payment, servicers typically send notices and may offer loss-mitigation options. Federal rules generally prevent the first foreclosure notice or filing until a loan is more than 120 days delinquent, with some exceptions.

2. 2

   Notice of default and intent to accelerate

   Texas law generally requires a written notice giving at least 20 days to cure the default before the loan can be accelerated.

3. 3

   Notice of acceleration

   The full loan balance may be declared due.

4. 4

   Notice of sale

   Generally at least 21 days before the sale, the notice is sent by certified mail, filed with the county clerk, and posted at the courthouse.

5. 5

   Foreclosure sale

   Sales are generally held on the first Tuesday of the month, between 10 a.m. and 4 p.m., at a place designated by the county.

6. 6

   After the sale

   The new owner may begin a separate eviction process. Some homeowners, such as those with certain HOA or tax foreclosures, may have redemption rights.

Most options — repayment plans, modifications, counseling, even selling on the open market — take time. The window with the most choices is usually before a notice of sale is filed, so the best time to make calls is as soon as you know you're falling behind.