Texas is a non-judicial foreclosure state. Non-judicial foreclosure describes a situation where the lender may foreclose without a court order. A Waco real estate lawyer can help you navigate this tedious process.
In as few as 41 days, Texas homeowners in default on their mortgage can lose their homes. The lender is required to send a written notice to the borrower allowing the borrower 20 days to pay the amount owed to bring the defaulted loan current.
Step One – Notice of Default/Demand Letter
After the 20 days, another 21 days must pass before a foreclosure sale is scheduled. At the time, the bank is required to post the notice of foreclosure at the courthouse and file the notice with the county clerk as well as notify the borrower of the date and time of the foreclosure sale.
By law foreclosure sales auctions in Texas occur on the first Tuesday of each month (including legal holidays) following legal notice, and anyone may bid on your property.
Step Two – Notice of the Sale Filed, Posted, and Mailed
The trustee named in the deed of trust or its representative reads the foreclosure on the courthouse steps. The sale is to the highest bidder for cash. The trustee or lender representative places a bid for the lender at either the amount of the debt or a lesser amount. A request higher than the lender’s bid will buy the property. The title is transferred using a trustee’s deed to the lender or the highest bidder.
Step Three – Foreclosure Auction Sale
Once the foreclosure sale has closed, the lender or the new property owner may file an eviction notice if the former owner is still occupying the property. The county constable’s offices serve evictions, and the announcements include a court date. After the court hearing, the defendant/former property owner has five days to vacate the property or appeal the judge’s ruling. After five days, the previous owner will have a minimum of 24 hours to leave the property.
There is more than one way homeowners can stop foreclosure. The common foreclosure defense strategies include:
Non-Judicial Foreclosure Attorney in Waco
If you’re looking for a foreclosure lawyer in Waco, then getting a skilled lawyer who understands the procedure for this real estate transaction and the court process is essential. Dunnam & Dunnam’s lawyers are unique in that they are board-certified in residential real estate law, commercial real estate law, and civil trial law.
Vance Dunnam, Jr. is board certified in commercial real estate law and residential real estate law, making him a specialist in real estate law by the Texas Board of Legal Specialization.
Vance Dunnam, Jr. graduated from Baylor University in 1974 with a Bachelor of Business Administration degree and a major in accounting and from Baylor Law School in 1977 with a Juris Doctor degree.
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