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Foreclosure Process

Foreclosure Process:

What is a foreclosure?
Foreclosure is a process that allows the lender to take over the property when a homeowner defaults or falls behind on mortgage payments. This can be due to hardship or strategic default, which is defined below:

can include (but not limited to) job loss, reduce working hours or pay rates, unexpected large bills (e.g. medical bills), heath, divorce, some unexpected events, etc

Mortgage Trouble

Strategic default:
is the case when the homeowner may be able to pay the mortgage but simply chooses to walk-away from the mortgage. This is often done when the homeowner owes more on the home than it’s worth.

The Foreclosure Process:
Foreclosure is a process and not a product (e.g., it is not a house, nor a land, etc.). There are three phases of foreclosure from the time a homeowner defaults to the time the lender or Bank sells the property. These phases are pre-foreclosure, foreclosure at court-step, and post-foreclosure also known as REO (Real Estate Owned by bank).

Foreclosure Process

Pre-foreclosure Process (Phase 1): Notice of Sale
When a homeowner falls behind on mortgage payments, the lender will send a series of notices to the homeowners allowing them to correct the problems, otherwise its’ intention to sell the property at auction. Each State has different rule and regulations regarding the minimum number of days that the bank needs to notify homeowner before it forecloses the property and how to conduct foreclosure sale. Click
www.TexasFiveStarRealty.com/Foreclosure_Conduct_of_Sale_in_Texas.asp to see the rules for foreclosure timelines and conduct of sale for foreclosure Sale in state of Texas.

Foreclosure Process (Phase 2): Conduct of Sale Judicial Foreclosure OR  Non-Judicial Foreclosure
If the problem has not been resolved between the lender and homeowner prior to the date and time of the sale, the property will be auctioned and awarded to the highest bidder. Each State has different rule and regulations regarding
selling the types of foreclosure (e.g., Judicial or Non-Judicial), how, when and where to sell foreclosure properties, Right of Redemption, etc.  
Click www.TexasFiveStarRealty.com/Foreclosure_Conduct_of_Sale_in_Texas.asp  to see specific rule and regulations regarding how, when and where foreclosure properties in Texas are being sold.

Post-foreclosure Process (Phase 3): Property goes back to Bank, Real Estate Owned (REO)
If the property is not sold in auction, as described above, it goes back to the lender or Bank. After that point, the property will be known as REO (Real Estate Owned by bank or lender) and will be listed in MLS, by an authorized licensed real estate agent, to be sold. This is the type of property that most of purchasers,
by mistake, refer to as foreclosure.
Click www.TexasFiveStarRealty.com/Foreclosure_REO_Selling_Process_By_Banks.asp

List of Foreclosure (REO) Properties in North Texas
For the most up-to-date list of foreclosures (REOs) in North Texas, please visit http://www.texasfivestarrealty.com/List_of_Foreclosures.asp


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Real Estate Questions Question"(105)":TRUE OR FALSE? The Environmental addendum establishes a right of inspections for the Buyer but does not create a contingency and right of termination.
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Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM, RP
TAHS, eAgentC, and
CCIM Candidate

Texas Five Star Realty
Office: (214) 457-7055
Cell: (214) 457-7055

Plano, TX 75026-1665

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