Texas Foreclosure listings have witnessed a phenomenal growth due to the current economic recession and job market instability. According to statistics, in August 2009, 11,261 new foreclosure processes were initiated. During august 1,621 foreclosed or bankruptcy homes were sold at an average price of $ 189,782. According to the comparison between price of foreclosed homes and fresh properties, the earlier one saves up to 26 %. Currently more than 71,331 foreclosed homes are on sale in Texas. In this article we will discuss about Texas foreclosure law in a nut shell and the advantages of buying foreclosed properties.
Both judicial and non-judicial foreclosure processes are prevalent in Texas. While it is a judicial foreclosure, the whole process is supervised by the court. The foreclosure plea is initiated by the lender and court summons all parties involved with the property. After hearing, the court makes a judgment to safeguard the interests of lenders and the lien holders. The property is sold through the process of auction and goes to the buyer who makes the highest bid. Aim of the auction is to recover the unpaid loans with interest, legal fees borne by the lender for foreclosure and the stake of the lien holders. Borrower or the homeowner is the third priority for the court.
In case of non-judicial foreclosure, the property is sold by power of sale agreement. This agreement is signed at the time the lender approves home equity loans. On gross default of the borrower to repay the loan, the lender issues demand letter to the borrower to repay the existing amount in 20 days. When the borrower is unable to pay the amount in these twenty days, the lender instructs trustees to go ahead with foreclosure process. Here also, the property is sold through the process of auction. The auction of a bankruptcy home takes place on the first Tuesday of every month.
All relevant information related to Texas Foreclosure listings can be found at local newspaper displays and real estate websites. Online search is advised as here you can compare price of several properties using the online calculator. They also offer information related to exact location, condition of the property and date of auctions. Informative articles on these websites make you aware regarding the pros and cons of buying a bankruptcy home.
Print This Post
Email This Post
HUD Fair Housing Equal Opportunity
