How are Texas deeds foreclosed?
By Tracy Lee Parker, Buy*Sell*Lease
(RE/MAX DFW Associates/PLATINUM PROPERTIES & MANAGEMENT)
Due to the recent freeze on foreclosures, I thought you might like to know the procedures used to foreclose on Texas homes. The most common method of foreclosure in Texas involves what is known as Non Judicial Foreclosure. Except for certain notice provisions this type of foreclosure does not involve court action. In other-wards: Mortgage lenders don't have to go through court to foreclose on a delinquent borrower -- so there are no court documents to fudge or screw up! This means Texas might not be in as much trouble with the Attorney General for "robo-signing" as some other states. When the deed of trust is initially signed it will usually contain a provision called a power of sale clause, which upon default allows a trustee to sell the property in order to satisfy the underlying de...
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