Are you in danger of losing your home? Have the late notices been piling up? If so, you should become aware of how the foreclosure process works.

A lender will send out a default notice to the debtor, giving them at least 20 days to pay the default amount. When that amount is not paid in full, the lender will then send out a second notice, this time asking for the full amount. If that amount is not paid, the lender than has the right to put the house up for sale at a bankruptcy auction.

The lender will then file a foreclosure notice with the appropriate authorities, such as the county clerk, 21 days before the foreclosure sale. The same notice of sale will be mailed to the debtor at his/her last known address. Depending on your state, the foreclosure auction may be held on the steps of the county courthouse at a regularly scheduled time.

Contact us to learn more about the foreclosure process by speaking with a Houston bankruptcy attorney.