Texas is a Non-Judicial Foreclosure State. A non-judicial foreclosure (also referred to as a “power of sale” foreclosure) allows the lienholder to sell the property without having to file a civil lawsuit against the homeowner. In order to qualify for a non-judicial foreclosure, the lienholder must have a deed of trust with a “power of sale” clause, giving them the authority to sell the property. These foreclosures are governed by Section 51.002 of the Texas Property Code as well as the contractual documents.
Before the Sale
Step 1: Providing Notice or Filing the Lawsuit
In non-judicial and expedited foreclosures, the homeowner will be sent a notice letting them know the loan or obligation is in default. This notice is often referred to as a “Notice of Default.”
Step 2: Notice of Sale or Order of Sale
In a non-judicial foreclosure, after the 20-day “right to reinstate” period has expired and at least 21 days before the sale, the servicer must provider the borrower with a Notice of Sale, letting them know the date and earliest time of the sale. These notices can also be called “Notice of Trustee’s Sale” or “Notice of Substitute Trustee’s Sale.”
The Sale
Conducting the Sale:
Foreclosure auctions are generally held the first Tuesday of each month between 10:00 a.m. and 4:00 p.m. at the county courthouse. The sale must begin at the time stated in the notice of sale, but no later than three hours after the time scheduled on the notice of sale.
What Happens at the Sale?
In non-judicial foreclosures, the trustee or a substitute trustee will be the one to conduct the sale. These auctions can sometimes be referred to as a “trustee sale” or “substitute trustee” sale.
After the Sale
Deficiency Judgments:
After the sale, if the property sells for less than what is owed, the creditor may try to come after the borrower for the remainder of what is owed to them. This is referred to as a deficiency judgment.
In nonjudicial foreclosures, a lawsuit must be filed in order to obtain a judgment to collect the deficiency. In judicial foreclosures, a second lawsuit needs to be filed. These lawsuits must be filed within two years of the sale.
Taking Possession of the Property After the Sale
If the previous owner refuses to vacate the property after the sale, the new owner may need to file an eviction case against them in court in order to take possession of the property.
For the full Foreclosure Process in Texas visit our “Foreclosure Process in Texas” Blog
[GO DIRECTLY TO FORECLOSURE PROCESS IN TEXAS PAGE]
Imagine finding a great deal on a property, but before it hits the open market. That’s the potential of pre-foreclosure! It’s the early stage of a legal process where a lender might eventually repossess a property due to missed loan payments. This happens when the borrower falls behind on their mortgage, exceeding the allowed grace period for delinquent payments.
Think of it as a warning sign: the lender files a notice of default on the property, alerting everyone that action could be taken if the borrower doesn’t catch up. This creates a window of opportunity for investors like you to potentially acquire the property at a discounted price.
Remember: pre-foreclosure isn’t a guarantee of foreclosure. The borrower might still manage to cure the default and keep the property. However, understanding this stage can help you identify potentially lucrative investment opportunities before they become widely known.
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Property address, Mailing Address, First owner first & last name, Second owner first & last name (if any), date notice was filed, auction date, pictures of the pre-foreclosure documents for each property, which includes information on the time, date, and place of the auction, date of the original mortgage, original mortgage amount, mortgagor’s name (the lender), and trustee’s name (lender’s representative).
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