| Successful Homeowner / Loan Safe Guide
Join Date: Dec 2007 Location: Gold Country, Northern California
Posts: 1,025
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: WOOHOO - Our Forensic Audit Results Are In
Whaaaat thaaaa? Notice to forclose? Already? Wow! That seems pretty quick.....what does your attorney say about that? That is just crazy! Were you panic stricken or what? That is what I am most afraid of, being forclosed on quickly and having no time to get a place. Here's a copy of the Texas foreclosure law for you to review....
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
1. Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin.
2. At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door.
3. The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it.
Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.
More information on Texas foreclosure laws.
source http://www.foreclosurelaw.org/Texas_Foreclosure_Law.htm
Texas Foreclosure Laws
Texas Foreclosure is Judicial / Non-Judicial.
Judicial - Texas foreclosure law states that a lawsuit must be filed to obtain a court order to foreclose. Upon receiving all claims, the court will make a judgment in favor of the lender and against the borrower for the balance due. The sheriff is directed to auction off the property to the highest bidder.
Non-Judicial - Power of Sale - According to Texas foreclosure laws, the lender gives the debtor in default a written notice or demand letter. The borrower is given 20 days to cure the loan before the debt is declared due and notice of sale is given. The lender will then instruct the trustee to proceed with the foreclosure process.
A sale of real property under a power of sale conferred by a deed of trust or other contract lien must be a public sale at auction held between 10 a.m. and 4 p.m. of the first Tuesday of a month. The sale must take place at the county courthouse in the county in which the land is located, or if the property is located in more than one county, the sale may be made at the courthouse in any county in which the property is located. The commissioners court shall designate the area at the courthouse where the sales are to take place and shall record the designation in the real property records of the county. The Texas foreclosure sale must occur in the designated area. If no area is designated by the commissioners court, the notice of sale must designate the area at the courthouse where the sale covered by that notice is to take place, and the sale must occur in that area.
(b) Notice of the sale, which must include a statement of the earliest time at which the sale will begin, must be given at least 21 days before the date of the sale:
(1) by posting at the courthouse door of each county in which the property is located a written notice designating the county in which the property will be sold;
(2) by filing in the office of the county clerk of each county in which the property is located a copy of the notice posted under Subdivision (1); and
(3) by the holder of the debt to which the power of sale is related serving written notice of the sale by certified mail on each debtor who, according to the records of the holder of the debt, is obligated to pay the debt.
(c) The Texas foreclosure sale must begin at the time stated in the notice of sale or not later than three hours after that time.
(d) Notwithstanding any agreement to the contrary, the holder of the debt shall serve a debtor in default under a deed of trust or other contract lien on real property used as the debtor's residence with written notice by certified mail stating that the debtor is in default under the deed of trust or other contract lien and giving the debtor at least 20 days to cure the default before notice of sale can be given under Subsection (b). The entire calendar day on which the notice required by this subsection is given, regardless of the time of day at which the notice is given, is included in computing the 20-day notice period required by this subsection, and the entire calendar day on which notice of sale is given under Subsection (b) is excluded in computing the 20-day notice period.
(e) Service of a notice under this section by certified mail is complete when the notice is deposited in the United States mail, postage prepaid and addressed to the debtor at the debtor's last known address as shown by the records of the holder of the debt. The affidavit of a person knowledgeable of the facts to the effect that service was completed is prima facie evidence of service.
(f) Each county clerk shall keep all notices filed under Subdivision (2) of Subsection (b) in a convenient file that is available to the public for examination during normal business hours. The clerk may dispose of the notices after the date of sale specified in the notice has passed. The clerk shall receive a fee of $2 for each notice filed.
(g) The entire calendar day on which the notice of sale is given, regardless of the time of day at which the notice is given, is included in computing the 21-day notice period required by Subsection (b), and the entire calendar day of the Texas foreclosure sale is excluded.
Texas Foreclosure Right of Redemption
There is no right of redemption in Texas.
source http://www.foreclosureuniversity.com...laws/texas.php
Now I''m not good at interpreting all of this so if you have any questions, I'm sure Moe, ***, Andrew or Prof Shays can answer them....it's some good info for you to have though.
Praying you get good news today.....
__________________
Erika
10 Month Success Story With Option One. |
Connect with Facebook
Re: WOOHOO - Our Forensic Audit Results Are In 
Re: WOOHOO - Our Forensic Audit Results Are In 
Re: WOOHOO - Our Forensic Audit Results Are In 
Re: WOOHOO - Our Forensic Audit Results Are In 
Linear Mode
