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Texas Foreclosure Law

Texas (TX) Foreclosure Laws make the state both judicial and non judicial in terms of foreclosure. The security instrument are both mortgage as well as Deed of Trust. Judicial foreclosure begins with the filing of lawsuit to obtain court's order. Court then gives order to foreclose the property and auction takes place as specified by the court. According to the foreclosure process there is no Texas foreclosure redemption period.

Texas Foreclosure Process

Non-judicial Texas foreclosure process occurs when the Power of Sale clause is present in the mortgage or deed of trust. The details of foreclosure are generally mentioned in the security instrument. So now if there is any kind of default from the borrower side then lender has all the rights to foreclose the property according to the foreclosure law in Texas.

Now Texas foreclosure proceedings should be followed with the minutest of detail to complete the foreclosure process. TX foreclosure process follows below given procedure:
  • Letter of demand must be mailed to the borrower by the lender according to the TX foreclosure laws. This notice will ask the borrower to pay the default amount within 20 days of the said notice.
  • If the borrower does not respond withing the given time then 21 days before the foreclosure sale the notice of sale should be filed with the county clerk
  • Along with this it should also be mailed to the borrower's last known address
  • Notice of sale should also be posted at the county courthouse
  • In Texas foreclosure auction occurs on first Tuesday of every month whether it is a legal holiday.
Bidding can be made by anyone including lender and property is given to the highest bidder. Lenders may get deficiency judgments, but it can be between the market value of the foreclosed home at the time of sale and the remaining amount of the loan that is present in default.

You can also check the websites given by on Texas foreclosure process, proceedings and laws.
Foreclosure University
Foreclosure University has given explanation on Texas Foreclosure laws with information on the redemption period, foreclosure processing time etc.
United State Foreclosure Law
United State Foreclosure Law provides the summary of foreclosure laws in TX that are observed in every foreclosure process.
For the quick summary check out the Foreclosure in which foreclosure process and law have been discussed.

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