Foreclosures are the procedure by which a lender obtains the title to property following borrower default. While foreclosures can be accomplished judicially after acquiring a judgment, the huge majority of foreclosures in Texas are done non-judicially via auction by a trustee. Chapter 51 of the Texas Property Code regulates non-judicial foreclosures.
While attorneys cannot guarantee foreclosure, they can analyze notes, deeds of trust and other relevant records to determine whether deficiencies exist. Should a credible foundation prevent itself, attorneys can file a lawsuit paired with a restraining order to stop foreclosure.
Most foreclosures perpetuate bankruptcy because of the costly process of filing lawsuits and restraining orders. Steps included in a foreclosure procedure typically include:
- Notice of Default
- Notice of Posting For Foreclosure
- Trustee’s Foreclosure Sale
While the above outlines the basic foreclosure procedure, the reality is that notice requirements, IRS liens, bankruptcies, military service of the borrower, along with other laws cause foreclosure to be a very technical process. Whether you’re in the job of lender or borrower, The Stallings Law Firm will help assess all your foreclosure needs.