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- ID: 1177497
- Zip Code: 77075
- State: TX
- County: Harris
- City: Houston
- Bed: 3
- Bath: 2
- Price: $76,000.00
Texas allows both judicial foreclosures and non judicial foreclosures. Compared to most other states, Texas makes it extremely easy for lenders to foreclose on homes, and on average the entire foreclosure process in the state takes no more than three months at the most.
A judicial foreclosure is usually only necessary in Texas when the mortgage in question does not contain a Power of Sale clause enabling the lender to pursue a foreclosure without the supervision of the court system. In this case, the lender must file a suit against the homeowner in default in court. If the court find in favor of the lender, a foreclosure sale of the property will be scheduled.
For the more common process of non-judicial foreclosure, the lender must first mail the homeowner a notice of default outlining the amount owed and the intent to foreclose if the debt is not paid. If the homeowner does not respond within 20 days, the lender mails the homeowner a second notice explaining that the loan debt has been accelerated, meaning that the homeowner must pay off the full amount owed on the loan in order to avoid foreclosures. The lender then schedules a sale date for the property in question so that the proceeds may be used to satisfy the outstanding debt.
Foreclosure sales are held as public auctions, and take place between the hours of 10 am and 4 pm on the first Tuesday of the month on the steps of the county courthouse. The property is awarded to the highest bidder, who has until the end of the day to pay the entire amount of their bid in cash.
The trustee of the sale then transfers ownership of the property to the winning bidder. If any surplus revenue is gained by the sale of Texas foreclosure homes, it is awarded to any junior lien holders.
The original homeowner is entitled no redemption period in which to seek foreclosures help in Texas.