Recently, the property marketwas affected by the worldwide economic crisis. The price of apartments fell by 25% in many cities. Many home owners had to undergo foreclosure. This is not the only situation when home owners have to face foreclosure. There are other cases also, for example, you have a serious medical illness or you cannot pay your mortgage fees. Losing your house is a psychological blow, and a financial blow as well. Without moving away, you need toface them bravely so that your foreclosure takes place in a rational manner.
To most home owners, foreclosure triggers the end of the journey. But this is not true. The foreclosure process in Texas is an orderly process. You will get anotice before the process begins and another notice once the property is sold. You are allowed several months time to move out after the foreclosure deal has been finalized. One of the reasons why you get this time to live in the house is that when a home is put up in an auction, often an acceptable bid is not received. So another buyer must be relocated. Even if the property is sold, the new owner must give a notice to leave the property. The typical notice period is usually 3 to 30 days.
Not all people have an emotional attachment to the house. Some people might have bought it to increase wealth. Others are ready to move on as if they are shifting places. The experience of losing your house is like losing career or your marriage. The emotional phases that people go through are denial, anger, bargain, depression and acceptance.
At first, people try to ignore the first warning signs of foreclosure. These include missed payment or call from the lender, or event the formal notice. The home owners realize that something bad is happening. When they finally realize that they are going to lose the house, they become angry at themselves and the people around them. They then try to make themselves understand that in any how they can get hold of their property they will never miss a mortgage payment. If necessary, they will take up a second job. As the date of foreclosure comes near, they indulge in depression and may even become physically ill. Finally, they learn to accept their present situation. Losing your house is a big thing, still you need to have a grip of yourself in order to survive.