|
STOP A
FORECLOSURE
Foreclosure
proceedings are
harsh, but sometimes
avoidable. Sitting
on your house and
waiting for a buyer
to come along most
likely will not
happen when you want
it to. You must come
to terms with this
immediately if you
want to prevent your
situation from
worsening.
CPG can buy
and close your home
in a matter of days.
We can’t offer you
an unrealistic,
higher than market
price for your
house, but we do
think we can find an
agreeable solution.
Homeowners
threatened by
foreclosure often
consider filing for
bankruptcy. For some
it is the best and
only option.
However, it is a
serious move that
damages your credit
history, and it may
only temporarily
stop the process. In
our experience, most
people who file for
bankruptcy
ultimately end up
losing their
home...this after
paying out more
legal fees, enduring
chronic stress, and
watching their
finances deteriorate
daily.
You lose nothing by
consulting with
others about your
options. We are not
lawyers, but we will
be able to answer
questions regarding
our services.
Contact us with
no obligation.
Home foreclosure is
preventable. If you get behind in your
mortgage payments or haven’t paid your
property taxes, and receive a foreclosure
notice in the mail, you need to act quickly.
Get someone in your corner right away who
can help you. Our professionals can help you
avoid foreclosure.
In Texas,
lenders may foreclose on deeds of trust or
mortgages in default using either a judicial
or non-judicial foreclosure process. The
foreclosure process in Texas moves swiftly,
usually only taking about ninety days, and
is weighted in favor of the lender. That’s
why you need a professional to help you tilt
the odds in your favor. It might be handled
in court or out of court, and there are
standard procedures that apply in each case.
The foreclosure is
handled as a judicial process, if no
power-of-sale clause was included in the
mortgage documentation or the deed of trust.
This is how it works. The lender files a
lawsuit against the borrower and obtains a
court order to foreclose on the property.
Once that court order is granted, the
property is scheduled for public sale.
The foreclosure would
be handled outside of a court’s jurisdiction
if a power-of-sale clause exists in the
mortgage or deed of trust. This clause says
the borrower has, in the event of default,
pre-authorized the sale of the property to
pay off the loan balance. Then, the lender
or his representative, called the “trustee”,
has the power to sell the property without
going to court.
In this case the lender first sends a letter
to the borrower allowing him a minimum of 20
days to pay the arrears on the loan,
inclusive of costs. After this time period
has elapsed, the lender may begin the actual
foreclosure process by mailing a second
letter to the borrower which states that the
full balance is now due, and a sale has been
scheduled to recover the full amount due.
The lender is required to display a notice
of sale on the county courthouse door and
also to file a notice of foreclosure sale
with the country clerk 21 days prior to the
sale of the property. At this a time the
lender is also obligated to mail to the
borrower at his last known address, a copy
of the notice of sale. It is not necessary
for the lender in Texas to publish the
notice of the sale in the local newspaper of
the area the home is located.
The foreclosure sale
is held as a public auction and the property
goes to the highest bidder, who must pay in
cash. The lender can also bid on the
property. At the completion of the auction,
the trustee transfers ownership to the
highest bidder. The title will be free and
clear of any secondary mortgages but will
still have the primary mortgages registered.
Unlike some other states, there is no
redemption period in Texas. Once the sale is
held, the borrower has no right to redeem
the property.
You can avoid
foreclosure and we can help
So if you’re facing
foreclosure,
contact us.
More information on
Texas Foreclosure Law
Summary
|
