Posted on Dec 11, 2018

The Texas Property Code, Sec. 51.002 provided for many years that foreclosures in Texas could only be held on the first Tuesday of a month, even if it fell on January 1 or July 4. That must have confused some people, thinking that surely there was not going to be an auction sale of properties posted for foreclosure on a holiday. But there were; foreclosures were conducted on those holidays regularly if they happened to be the first Tuesday of the month.

Well, finally the law has changed. Effective for the first time in January 2019, the foreclosure sale that would have occurred on January 1, 2019, New Year's Day, will be held instead on the first Wednesday of the month, January 2, 2019. If your home or other property is posted for foreclosure, it is not much of a reprieve, just one day. But at least people won't be lulled into thinking that a foreclosure won't take place on a January 1 or July 4, because it won't. If the first Tuesday of the month falls on a January 1 or July 4 from now on, all foreclosures in the State of Texas pursuant to Texas Prop. Code. Sec. 51.002 must take place on the next day, the first Wednesday of the month.

If your home or other property is posted for foreclosure, and you want to stop it and you qualify, you may want to consider filing chapter 13 bankruptcy. Chapter 13 can allow you to keep property and catch up the delinquent payments over up to 5 years, which can make it affordable in many cases. Property taxes, homeowner association dues and other debts can also be paid through a chapter 13 plan. But the chapter 13 must be filed before the mortgage foreclosure actually takes place. If you live in the Greater Houston, Texas area make an appointment with our office and we can show you how chapter 13 may be able to help you save your property from foreclosure.

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J Thomas Black
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization