The lone star state is also a title theory state. Texas foreclosure laws allow lenders to sell the foreclosed property once the borrower defaults on his payment. This is rather convenient, as the non-judicial foreclosure method of title theory states swift proceedings and short waiting time. For Texas, this cannot be more accurate. The waiting time for Texas foreclosures is only a very fast 60 days-which is rather swift even fore title theory states. This is mainly due to the simple Texas foreclosure laws.
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But how do laws for Texas foreclosed homes, exactly? First, before the notice, lenders are required by Texas foreclosure laws to send the borrower a demand letter (which, obviously, demands the borrower to pay his dues). Only 20 days is only given to the borrower. After which, the lender has to send the borrower a notice of the foreclosure 21 days before the foreclosure sale. This means that after the 20 day waiting time, the lender will have to wait only 21 more days before the sale, granted that all papers are in order.
The notice is also posted at the county's courthouse and filed to the county clerk. When the time has lapsed, the lender can proceed with the sale, which is done at the county courthouse from 10 in the morning until four in the afternoon, as stated in the Texas foreclosure laws.
In addition to the fast waiting time, Texas foreclosure laws also provide no right of redemption for borrowers (given that they are already provided with a notice before the sale was even announced). A lender can obtain a deficiency judgment, although the fair market value of the property is considered. Needless to say, the 60 day estimate will not apply if the borrower files for bankruptcy or other legal action that can postpone the sale.
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