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I found your website is this in Texas, Yes, but I'm not

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JA: Hi. How can I help?
Customer: I found your website is this in Texas
JA: Has any paperwork been filed?
Customer: Yes, but I'm not familiar with the process. Or the days that takes on a legal process
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10/23/2017
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,432
Experience: 29 years of experience in General Practice, Real Estate Law and Estate Law.
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Customer reply replied 1 month ago
I have a deed if trust and there was one payment default we already gave the initial 5 days to make the payment. And the 10 additional to accelerate note , questions is the payment was a small payment , even can we accelerate note and what follows if I have to go to the courthouse or not necessary. It's a little complictAed because this is due to divorce and the property is a house

Just to clarify you are the lender on a deed of trust with a power of sale clause?

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Customer reply replied 1 month ago
I'm the lender and I'm receiving payments already default so I accelerated the note , no answer from the borrower yet after the two period of time

Is there a power of sale clause? That makes the process easier.

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Customer reply replied 1 month ago
I can foreclose on the property that is what follows , the thing is that I'm not clear on the process

Yes I understand your question. There are two ways to foreclose. The one you use depends on whether there is a power of sale clause.

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Customer reply replied 1 month ago
I was explained I can get the property back and sale or rent or do anything thats my understanding

Can you tell me if deed of trust has a power of sale clause?

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“The primary 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. 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 defaulted loan.

The trustee acts as a representative of the lender to effectuate the sale which typically occurs in the form of an auction. Because this is a non-judicial remedy there are very stringent notice requirements and the legal documents are required to contain the power of sale language in order to use this type of foreclosure method.

Power of Sale Notice Requirements:

  1. Prior to initiating a foreclosure the lender must send a demand letter requesting the payment of past due amounts which gives the borrower twenty (20) days to pay any past due amounts otherwise foreclosure proceedings will begin.
  2. After the twenty day notice above and at least twenty-one (21) days before any foreclosure sale, further notice of the foreclosure must: (a) be filed with the county clerk in the county in which the property is located; (b) mailed to the defaulting borrower (and other creditors whose liens affect the property) and; (c) be posted at the county court where any sale would occur.
  3. Foreclosure sales must take place on the first Tuesday of each month (between 10AM and 4PM) at the courthouse, even if the date falls on a legal holiday. The trustee will auction the property to the highest bidder including the lender who is given credit for the value of the balance of any outstanding indebtedness under the loan.

In Texas, the lenders can also go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. If the deed of trust does not contain the power of sale language the lender must seek judicial foreclosure. The property is then sold as part of a publicly noticed sale. A complaint is filed in county court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon.” https://www.foreclosure.com/statelaw_TX.html

Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,432
Experience: 29 years of experience in General Practice, Real Estate Law and Estate Law.
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Joycelaw
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Customer reply replied 1 month ago
Thanks for your help

You are most welcome.

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Attyadvisor
Attyadvisor
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Category: Real Estate Law
Satisfied Customers: 7,432
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Experience: 29 years of experience in General Practice, Real Estate Law and Estate Law.

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