TEXAS FIVE STAR REALTY

Info@TexasFiveStarRealty.com

 
214-457-7055

 

 

Texas Real Estate Commission Information About Brokerage Services                       Texas Real Estate Commission Consumer Protection Notice

Dallas homes for sale, Plano homes for sale, Frisco homes for sale, Prosper homes for sale, Allen homes for sale, McKinney homes for sale, Murphy homes for sale, Celina homes for sale, homes for sale

Home

About Us Buyers Sellers Investors Commercial Relocation Contact Us Lenders Inspectors Titles
Builders Vendors PlaceHolder
Search Properties
Find Your Home's Value
Local Market Snapshots
Local Real Estate Trends
National Market News
Foreclosure vs. Short Sale
Dallas FW City Directories
Dallas FW School Ratings
Dallas FW City Tax Rates
Estimate Closing Cost
Mortgage Calculator
Mortgage Amortization
Green Tax Credit
Types of Loans
Relocation to Texas
Customers vs Clients
Repair Cost vs Value
Rent vs Buy Calculator
Your First Home?
My Blogs
Testimonials
Test Your R. E Knowledge
  Property Management
Open House Manager Tool

Free List of Foreclosures in North Texas

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. For complete description of what a foreclosure is and what phases does it have, please see   http://www.texasfivestarrealty.com/Foreclosure_Process.asp

Pre-foreclosure Process (Phase 1) in Texas: Notice of Sale (Foreclosure Timelines)
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. Below are the rules for foreclosure timelines and conduct of sale for foreclosure Sale in state of Texas.

Per Texas Property Code 51.002 these notices must give minimum number of days to the homeowner prior its action. These are:

1)      Notice of Default (minimum 20 days)

2)      Notice of Acceleration (minimum 20 days)

3)      Notice of Sale (Sometimes combined with #2 above)

i)        Minimum 21 days.

ii)       Posted at Court House

iii)     Mailed, certified Return Receipt Requested, to debtor with address on Deed of Trust.

iv)     Filed with County Clerk

 

 

Foreclosure Process (Phase 2) in Texas: 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 how and where to sell foreclosure properties. Below are the specific rules and regulations regarding how and where to sell foreclosure properties in Texas.

 

         Place of Sale: At designated spot in County Court House

         Day of the Sale: 1st Tuesday of the month whether or not it falls in the weekend, holiday, new year, 4th of July, or weather condition,  etc.

         Time of Sale: 3 hours window Between 10:00 AM-to-1:00 PM and 1:00 PM-to-4:00 PM as posted

         Method of Payment: Exact amount with Cash, Certified cashier check/money order, or combination of all.

Conduct of Sale: There are two types of foreclosure process in Texas, Judicial and non-judicial. Each one is define in detail as follow:

1)      Judicial foreclosure process in TexasJudicial foreclosure process in Texas
This type of foreclosure must be with court approval and conducted by Sheriff and the homeowner might have rights of redemption for a period of time. Judicial foreclosure applies to the following types of situations:   

i)        Tax Sales:  This type of foreclosure is conducted by Sheriff and
the homeowner has rights of redemption as follow: (Therefore if you buy Tax Sale foreclosure you should not immediately list it for sale)

(1)    Rights of Redemption

(a)   Two (2) years if: the property is homesteads, agriculture exempt, has minerals.

(b)   Six (6) months for other cases

(2)   Home equity liens

(3)   Certain Military Debtors

(4)    Deceased Debtors

2)      Non-Judicial foreclosure process in Texas: (Typically Deeds of Trust) Non-Judicial foreclosure process in Texas
This type of foreclosure is conducted by Trustee/Substitute Trustee and controlled by Texas Statutes and terms of the Deed of Trust. There is no Right of Redemption for these types of foreclosure.
 

  •          Post Sale Affidavit (by whom, what it covers, etc.)

Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM
Broker/REALTOR
ABR, GRI, CDPE, SFR,
TAHS, eAgentC, and
CCIM Candidate

Office: (214) 457-7055
Cell: (214) 457-7055
Fax: (972) 596-7984

P.O. Box 261665
Plano, TX 75026-1665

Contact Form

First Name Required*

Last Name

Email Address Required*

Phone Number

Comments/Questions


Enter the code above 

Texas Five Star Realty
P.O. Box 261665
Plano
, TX 75026 US
Phone: 214-457-7055
Website: www.texasfivestarrealty.com/
Follow ME button from AddThis
Follow US:

Share, Pin and LIKE This Page:
    Share this page in Facebook 

My Blogs:
Subscribe to Bahman Davani Blogs RSS See Bahman Davani Blogs See Bahman Davani Blogs in ActiveRain See Bahman Davani Blogs in WordPress See Bahman Davani Blogs in Blog.com Texas-Five-Star-Realty-Manta-Badge See Bahman Davani Blogs in SlideShare See Bahman Davani Blogs in Zillow   See Bahman Davani Blogs in Klout See Bahman Davani Blogs in Plaxo See Bahman Davani Blogs in Blogger

My Real Estate Designations and Certifications:
Bahman Davani REALTOR Bahman Davani Commercial REALTOR Bahman Davani ABR Designation Bahman Davani GRI Designation Bahman Davani CDPE Designation Bahman Davani SFR Shortsale Forecolsure Resource Certification Bahman Davani TAHS Texas Affordable Housing Specialist Certification Bahman Davani Inbound Marketing Certification Bahman Davani Certified Manager from Institute Certified Professional Managers Bahman Davani eAgentC Internet Profficiency Certification Bahman Davani NMLS RMLO Residential Mortgage Loan Originator License Bahman Davani TRLP Texas Real Estate Leadership Program Graduation Send Texas Five Star Realty Text via email

Additional Resources and Newsletters:
Texas Five Star Realty website Housing Market Newsletter from Texas Five Star Realty website Mortgage News Daily from Texas Five Star Realty website Bahman Davani Credit Score Tips and Tricks book published by Texas Five Star Realty Bahman Davani from Texas Five Star Realty a Member of REBAC Bahman Davani Credit Score Tips and Tricks book published by Texas Five Star Realty          


. Copyright 2011-2014 Texas Five Star Realty Web Site Developed by We provide a fast and easy solution for your business. .