It's been a few months since we wrote about foreclosure. We last covered it in a discussion of the benefits of the automatic stay in bankruptcy.

The points we made in our December 5 post about the benefits of bankruptcy as a form of genuine debt relief remain valid. Today, we will explain how foreclosure procedures can be quite different, depending on which state you live in.

Texas, in particular, is different from many other states. In fact, the foreclosure process in Texas is considered to be the shortest in the country.

around the country on length of the foreclosure period. The results showed that the time period for completing a foreclosure was shortest in Texas. It was an average of 159 days, compared to 166 days in Virginia, the next speediest state.

This is very fast compared to the national average. According to RealtyTrac, the U.S. average is 477 days - about three times as long as in Texas.

The foreclosure period begins when foreclosure proceedings are initiated by the lender. It ends when the property in question is sold at auction. The sale could be to the lender who holds the mortgage or to a third party.

It's true that the overall number of foreclosures in the U.S. is down considerably from post-Recession peaks. But there are still a lot of people who are underwater on their mortgages. And there are still plenty of foreclosures in the pipeline, both in the San Antonio area and nationally.

Source: "Texas has shortest foreclosure process in the U.S.," San Antonio Business Journal, Tricia Lynn Silva, 4-11-13

Please visit our page on home foreclosure.

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