Answer

Thanks for that

In Texas, the foreclosure process is fast...from the time you actually get notice until the time they can take possession of the home and sell at auction can be as short as 60 days. Now it will depend on the type of foreclosure...there are two ways the bank can foreclose. Through a judicial (court) or non judicial (no court required) action. If they choose non judicial, the process is fast...again, as short as 60 days....but they can not seek a deficiency judgment. They can not make you pay the differnece in the loan and what the home sells for. A judicial foreclosure take longer...perhaps 2-3 times longer...but if they go this route, they can seek a judgment and make you pay the difference.



You may want to consider a short sale
more info here
http://en.wikipedia.org/wiki/Short_sale_(real_estate)

Or a deed in lieu
http://en.wikipedia.org/wiki/Deed_in_lieu_of_foreclosure


Also, consider working with foreclosure avoidance specialist.

Go to http://www.hud.gov/offices/hsg/sfh/hcc/fc/ and select your state. The counselor should be able to help you renegotiate your loan terms with the lender. As of early March, new federal legislation went into effect providing incentives to lenders to work with borrowers to avoid foreclosure.





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