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Category: Real Estate Law
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Experience:  7+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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we owner finance...asked the lady we are buying from if we

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we owner finance...asked the lady we are buying from if we could do a deferment on September's payment do to a surgery...We are not behind on our house payments and this is the response we got:
Mr & Mrs. Hammett

I received the attached letter today. This is not acceptable to our company. We can however let you sign a deed in lieu of foreclosure. This will protect your credit from going through a foreclosure. Also you have paid for half of the appliances. I would be willing to work out your leaving part of them and taking what you have paid for. I am willing to take this approach if you are willing to move this month, so that we can put the house back on the market. Let me know what you decide and I will have the attorney prepare the necessary documents.



What do you we do?!
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 11 months ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

I certainly understand the situation and your concern. Since we are in September now, did you make the payment for this month? If not, are you able to or the surgery is preventing it? What will happen next month?
Customer: replied 11 months ago.

I have not made a payment for September as of yet, but as of right now it is still not delinquent...The deductible for this surgery was more than originally thought, so that is why I wrote her a hardship letter asking her if we could please defer September's payment to the end of my note, and I would pay October's at the usual time.

Expert:  RealEstateAnswer replied 11 months ago.
Thank you for the additional information. It is at the sole discretion of the owner, to allow this to happen. Based upon her response, it sounds as though she is anticipating a default under the agreement and is trying to be proactive, to avoid having to go through the foreclosure process. While your hardship is 100% understandable, she does not have to be compassionate and can demand payment, when owed. Moreover, she does not want to have to wait until the end of the note to get paid. If you told her you would pay her at the beginning of October and you just need an extra 30 days, she may be more inclined to work with you. However, unless the financing agreement allows for said deferment, the failure to pay the amount owed, could result in a default and them proceeding to take the home back. In a situation like this, you can ask if she would break up the payment and spread it out over the next few month so it can be paid and you would be caught up or try and come up with the payment to make the situation moot. If you can not come up with the money, they would likely foreclose your interest and regain possession of the home.

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Customer: replied 11 months ago.

in the state of Texas what is the normal time frame before she can begin the foreclosure process? Also, isn't it true that she must send a written letter giving us 20 days to make good on the past due payment & once a payment has been made the forclosure process has to cease? am i right on all that?

Expert:  RealEstateAnswer replied 11 months ago.
Texas Foreclosure — A Three-Step Process

When a borrower defaults on their mortgage loan their lender (or loan servicer) may initiate the foreclosure process. The lender/servicer is required by law to send a written notice to the borrower allowing the borrower 20 days to "cure" or pay in full the amount owed to bring the defaulted loan current; otherwise, the foreclosure will be initiated. (Step One)

Step One - Notice of Default/Demand Letter
Under Texas Law a homeowner is given 20 days to cure the default
Servicer must also honor investor/insurer guidelines, which may extend the timeframe
Default/Demand Letter outlines amount due, date it must be paid
After the allowable 20-day cure period, at least 21 days must pass before a foreclosure sale is scheduled at which time the lender is required to post the notice of foreclosure at the courthouse and file the notice with the county clerk as well as notify the borrower of the date and time of the foreclosure sale. By law, foreclosure sales (an auction) in Texas occur on the first Tuesday of each month (including legal holidays) following legal notice, and anyone may bid on the property.

Step Two - Notice of Sale Filed, Posted, and Mailed
Filed with County Clerk
Posted at county courthouse door
Must state earliest time the sale will be held
Sent certified mail to all borrowers
Must be delivered at least 21 days prior to sale date
The trustee named in the deed of trust or its representative reads the foreclosure on the courthouse steps. The sale is to the highest bidder for cash. The trustee or lender representative places a bid for the lender at either the amount of the debt or a lesser amount. A bid higher than the lender's bid will buy the property. Title is transferred by means of a trustee's deed to the lender or the highest bidder.

Step Three - Foreclosure Sale
Sale takes place by auction on the first Tuesday of each month (including legal holidays)
Conducted at County Courthouse
Must be conducted within three hours of time designated in notice
Anyone may bid
Once the foreclosure sale has concluded, the lender or the new property owner may file an eviction notice if the former owner is still occupying the property. Eviction notices are served by county constable's offices and the notices include a court date. After the court hearing the defendant/former property owner has five days to vacate the property or appeal the judge's ruling. After five days, the former owner will have a minimum of 24 hours to vacate the property
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