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July 31, 2010, 02:13:51 PM
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Author Topic: Relative facing foreclosure in Texas  (Read 1536 times)
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concerned
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« on: December 11, 2008, 01:10:28 AM »

My brother who lives in Texas just received a notice that he has 20 days to catch up on his loan or will face foreclosure. Can they really do that with that short of notice? How can you catch up in less than one month? He'll only get paid once in that time.
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lizandjer
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« Reply #1 on: December 11, 2008, 01:11:31 AM »

Texas foreclosure laws tend to side with the lender more than the borrower. 20 days notice is all the borrower has to give, but especially these days my understanding Is most send multiple notices to try and work out a solution prior to the 20 day notice.

I'd suspect this isn't the first communication your brother's received from his lender. If he's not spoken with them, he should do so immediately. They may be able to provide options to work out a solution.

You are right that 20 days seems short - just today, the Dallas Morning News wrote an article about this:
Texas' fast foreclosure process hard on homeowners
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mortgagelenderguy
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« Reply #2 on: January 04, 2009, 01:07:39 AM »

In general, prices in the resale market are still correcting. Looking a Chicago over the past two years, the seasonal changes in inventory had almost no effect on the downward trend in prices, save for a break in price trend for a short time in the Spring.
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