The Texas Senate says: "Slow Down the Foreclosure Process!"

The Texas Senate, this week, passed a bill which would change the Foreclosure process for Texas homeowners. The Bill, which was passed, will require that:

• Homeowners be given 45 days notice in advance of a foreclosure sale of their home, an increase from the current 20 day requirement;
• Lenders must contact the borrower by telephone or in person;
• Homeowners facing foreclosure be informed of their rights and options, as well as be warned about foreclosure rescue scams;
• Homeowners foreclosed on must be given 30 days to vacate a property;
• Renters in a foreclosed property must be given 60 days to vacate.

Lawmakers stressed that this bill was not a bailout for delinquent homeowners, but rather, a lengthening of the process to allow the parties involved to work out an alternate solution if possible. Its requirement regarding warning homeowners about foreclosure rescue scams also addresses concerns from the state Attorney General about the rise in this sort of activity across the state.

The Bill has now been sent to the Texas House for their consideration.

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If you are a homeowner and cannot afford your mortgage, yet your home is worth less than your mortgage balance, a Short Sale may be your best option. Contact me today or visit my website at HomeSalesRemedy.com for more information on Short Sales and how I may be able to help you avoid the stress of foreclosure!