According to an article in the Star-Telegram, legislation was just passed in the Texas Senate that would allow Texans facing foreclosure more time to save their homes. Under the current law, the foreclosure process can move rapidly, giving Texas homeowners only 20 days to fix loan defaults before a mortgage lender foreclosures on them. If the new legislation also passes the Texas House of Representatives, Texas homeowners facing foreclosure would have up to 45 days to fix loan defaults before the mortgage company could foreclose on them.
If this new foreclosure legislation passes it will be a major win for Texas homeowners, even those not facing foreclosure. The way that the foreclosure process currently works in Texas allows too little time for homeowners to become current on their mortgage before the foreclosure process begins to close in on them. With more time, Texas homeowners facing foreclosure can explore all of their foreclosure prevention options, including mortgage modification and bankruptcy, increasing the odds that they can save their home.