Non-Judicial Foreclosure in Texas
NON-JUDICIAL Foreclosures Exposed If a homeowner fails to make the monthly payments required by their home loan , the bank will eventually move to recover their investment through the foreclosure process . A foreclosure is the process that allows the bank to recover the balance of the loan through an auction process. There is a myth that foreclosure is a process where a bank automatically takes ownership and possession of the property when the homeowner is in default; this is not true. Foreclosure is a legal process that requires an auction process to protect the homeowner by ensuring that they receive the fair market value of the property towards the loan. There are two types of foreclosure processes that vary from state to state; The first is a judicial foreclosure and the second is a non-judicial foreclosures . In short, a judicial foreclosure must first go through court process through a civil lawsuit where the bank sues the homeowne...