Simply put, foreclosure is when a homeowner has become behind on their payments and the lender, i.e. typically your bank or mortgage holder, files to take back possession of the property. We understand how stressful a situation like this can be for a homeowner. MS Home Solutions has experience handling foreclosures and can assist you with every stage of the process. Whether you have received a Notice of Default letter or have been notified that your property will be sold at auction in less than 30 days, our team of knowledgeable professional is here to help. And the sooner you contact us, the more time is available for us to provide you a better range of solutions.

Read on to learn about the specifics of foreclosure:

There are two types of Foreclosure processes: Judicial and Non-Judicial. In most instances, foreclosures in Texas are Non-Judicial proceedings as a power of sale clause exists in a mortgage or deed of trust. Below are some general guidelines for the State of Texas…

Non-judicial power of sale foreclosure is carried out as follows:

Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin. At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door.

The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it.

Homeowners, especially ones that act fast, have access to a variety of options regarding the foreclosure of their home:

Loan Modification – This is a permanent restructuring of your mortgage where one or more terms of the loan i.e. interest rate, length of the loan, and/or type of rate are changed to allow the homeowner a affordable monthly payment. There are requirements to be eligible for this type of option, and we can help to assist in this process with your lender.

Forbearance – This is a short term solution. The lender agrees for a period of time to allow you not to make payments or reduce the amount you must pay for the loan. However, this does not remove the amount you must paid for the loan. You must resume the original payment after the allotted time and make additional payments in order to bring the loan current outstanding balance.

Repayment Plan – An option which allows you to spread the amount that you owe for late payments over a specific time period. A three to six month repayment plan is typically in these circumstances.

Short Sale – A choice for when you owe more to the lender than the value of the house at the current time. This is discussed more in detail below.

Sell the Home – This one is pretty self-explanatory, but if you have enough equity in your home, you call sell it to remove the debt with the lender.

Deed in Lieu of Foreclosure – In this instance, you voluntarily give your house to the lender in exchange to discharge all the debt.

Additional sites that can provide a more comprehensive look into foreclosure are Nolo Law for All and KeepMyTexasHome.org.

A short sale is a sale of the property in which the proceeds from the sale do not cover the balance of the debts owed on the home secured by liens on the property. For example, if you owe an amount of $100,000 for the mortgage on the home, but the house can only be sold on the market for $90,000, you would still owe money to the lender. There are rare cases where you can initiate a short sale on the property in need of repairs with equity in the property. However, the cost of repairs and the amount of debt must be greater than the current market value of the home.

The reason a short sale becomes difficult is that all transactions must be approved by the lender. Even after a short sale is settled upon, you might be taxed on the difference. MS Solutions provides expert consulting on short sales. We can help discuss if this is the right solution for you.

Learn more about the process of short sale from these additional sites – KnowYourOptions.com, Freddie Mac, and Nolo Law for All.

Probate is a legal process to care care of an individual’s business affairs after he or she has passed away. Probate provides the deceased person’s valid will, identifies all possessions, pays any debts/taxes and distributes the possessions according to the will (or according to state law if there is no will).

Losing a loved one can be one of the most trying and emotional times during your life. To make matters worse, a death of a loved one is followed with added responsibilities that only serve to further cause you and your family aggravation. At MS Home Solutions, our team is dedicated to providing an easy and stress-free solution during your time of grief. We know how difficult it is to discuss legal matters during this situation. It is our promise that we will handle your case with the respect and compassion that you deserve.

If a valid will is in place for your loved one’s home in Texas, you can either file for Application to Probate Will, Issuance of Letters of Testamentary or Muniment of Title. Typically, Letters of Testamentary is the most common practice. If you file for Muniment of Title, the estate has no unpaid debts and an administrator is not required to pay all the debts before distributing the possessions.

If there is no will, this might lengthen the process of probate depending on the size of the estate. If the estate is smaller, you might be able to file a Small Estate Affidavit. Otherwise, you will have to file under an Affidavit of Heirship.

For more information on the process probate, check out Nolo Law for All and Tyla.org.

While a couple going through a divorce faces many obstacles, not coming to an agreement on the house can have lasting effects on both parties. Both of your credit scores may feel the effects of a divorce if amicable terms can’t be reached between both parties.

Texas is a community property state. Therefore, when you are going through a divorce, both spouses become owners of the property and must sign for the sale of the property. MS Home Solutions has had experience where one spouse did not want to participate in the sale of the property and it wound up hurting both party’s credit for a considerable amount of time. Once the damage has been dealt, you may not be able to recover from it and might end up with a foreclosure on your record.

What about repairs? Any taxes owed on the property? What if the mortgage is higher than the value of the property? MS Home Solutions will help you compromise for every situation imaginable with regards to the sale of your house. Even if you would prefer not to sell your property to us, we can help you find the right solutions to fit your needs.

A lien is a legal claim against an asset, such as a home, that secures payment of a loan or a payment on an outstanding debt. While a property can be sold with liens on the it, resolving these issues can be very frustrating and lengthy.

Most homes with a mortgage have a lien on the property, because it is common for a lender to file on in order to protect their investment. Other types of liens that can be placed on property are tax or HOA liens. Mechanic liens can also be filed, if you have not paid back for services render on the property such a replacing a roof, paying child support, outstanding credit card balances and so forth.

Traditionally, liens on any property are paid off at the closing by the closing attorney. In order to deliver clear and marketable title, the liens will have to be paid off or a title company will not issue title insurance. In this scenario, most home buyers may consider it risky to purchase that property.

The professionals at MS Home Solutions are familiar with many types of liens. We can provide you expert advice to help you transition from resolving outstanding issues to selling your home.