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Texas Preliminary Notices Twenty-Day Demand Letter The lender must mail a residential borrower a
demand letter giving the borrower 20 days to come up with all the missed
payments before proceeding with a foreclosure or sending the 21-day notice. Twenty-One-Day Foreclosure Notice A foreclosure notice stating the date, place and
earliest time at which the sale will begin, must be given at least 21 days
before the date of the sale by the holder of the debt to which the power of
sale is related serving written notice of the sale by certified mail on each
debtor who, according to the records of the holder of the debt, is obligated
to pay the debt. Method of Giving Notice Advertising: Texas does not require preliminary
advertising of the foreclosure in a newspaper. Posting Texas requires a foreclosure notice to be posted
at the county courthouse door 21 days before foreclosure. Recording/Filing Texas requires a foreclosure notice to be filed
with the county clerk 21 days before foreclosure. Mailing A foreclosure notice must be mailed to the
borrower at the last known address as shown in the records of the lender 21
days before foreclosure. Sale Procedures The foreclosure sale must take place on the first
Tuesday of any month, even if it is a holiday such as the Fourth of July or
New Year's, but only after the proper preliminary notices have been given.
The sale is on the courthouse steps by auction to the highest bidder for
cash. Lenders, however, can bid by canceling out the balance due on the note,
or some part of it. There is no organization to the sales. The trustee named
in the deed of trust simply shows up and calls out the property for sale. The
trustee or a lender representative then bids for the lender. Investors must
find the trustee in a noisy crowd to bid against the lender. The title is
transferred by means of a trustee's deed. Redemption There is no right of redemption in Texas. Deficiency Texas now limits deficiency judgments to the
difference between fair market value and the balance owed on the loan,
although the borrower may have to give evidence about the market value to be
sure the deficiency is kept to a minimum. Unusual Features Texas is a very simple state in which to foreclose |
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