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Foreclosure process in Texas (TX)

Topic: Foreclosure

In Texas, both judicial or in court and non-judicial or out of court foreclosures are followed. As in all states where this is the case, the determining factor as to which process will be followed, is whether or not the mortgage or deed of trust has a power of sale clause in it. Most do and therefore most foreclosures follow the out of court process. It's less costly and quicker for the bank to do it this way.

Judicial foreclosure takes longer, because a judge must declare a foreclosure, sollowing the filing of a law suit. After this happens, the auction proceedings are the same as power of sale or out of court foreclosures. Before going forward with a foreclosure, the bank has to send the home owner a letter of demand. This letter states that homeowner has only twenty days to make up the payments they are behind on, or the foreclosure will start. After the twenty days has expired, and at a minimum of 21 days prior to the scheduled sale of the property, the bank must file a notice of foreclosure, with the county clerk. They must also send this same notice to the home owner at their last known address. In addition to these two announcements of the sale date, this same notice must be placed or posted on the door of the courthouse in the county where the home is located.

Texas is what is referred to as a Super Tuesday or super sale date state. On the first Tuesday of every month, every property in foreclosure for that month is auctioned off. Holidays are no exception to this rule. The sale is held at the courthouse steps and the bidders must be prepared to pay in cash, of course the bank may if they don't like the highest offer. Since they are the ones who are owed the money that this home is securing, they don't really pay that bid, they just take it back. In other words, they are choosing to be stuck with the property, rather than take the highest bid.

In Texas, the bank can choose to pursue the home owner for the difference between the fair market value of the property and what was not generated at auction. Fair market value is calculated at the time of the sale. Most banks realize that the person who lost the home to foreclosure does not have other resources to pay the difference between the auction price, and the loan amount, so they usually don't pursue the homeowner for the money.

05/02/2008
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Jeca
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read more... 12/19/2012

Christy
This inishgt's just the way to kick life into this debate.
read more... 12/17/2012

Thakur
15dYou could certainly see your exsrteipe in the work you write. The arena hopes for even more passionate writers like you who are not afraid to say how they believe. Always go after your heart. Until you've lost your reputation, you never realize what a burden it was. by Margaret Mitchell.
read more... 10/03/2012

Carolina
Attorneys can't do any more than you. They call the same numbers and send the same parwpeork. You'll just end up $3500?? poorer.Chase is one of the worst. Employees of Chase openly admitted that they are told to give applicants the run-around. The number of people who get mods is staggeringly low.Recently, there was a piece in the news saying close to 50% of the people trying to get into the program drop out. Do you think that they suddenly lost interest in trying to keep their homes?
read more... 09/30/2012

Cindy
That's not just logic. That's raelly sensible.
read more... 08/10/2011

Read all comments: 6

 

See also:

Foreclosure activity in April fell nationally to the lowest level since the summer of 2007, but gove...
» Foreclosure05/17/2012
 
The number of homes sold to investors more than doubled last year, as rising rents and low-priced di...
» Foreclosure03/29/2012
 
Thousands of foreclosures that were stuck in process due to delays over the so-called "Robo-signing"...
» Foreclosure03/11/2012
 
 

  
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