Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Jenny asks…

does anyone know how foreclosure works in texas?

Your Questions About Foreclosures

The Expert answers:

I know if you intend to have it taken out of foreclosure you better have it done by the Friday before the Monday they intend to foreclose on the home.

If you are about to be foreclosed on and want to try to find away out, contact a bankruptcy attorney. Even if filing bankruptcy is not your best option some BK attorneys will help with debt consolidation.

Your Questions About Foreclosures

Daniel asks…

Is anti deficiency law after property foreclosure recognize in the state of Texas?

Your Questions About Foreclosures

The Expert answers:

I don’t practice in Texas, the two states I do, one is does and one doesn’t. A quick call to an attorney or a mortagage banker will answer this question. But read this article
http://ezinearticles.com/?Will-You-Ever-Have-to-Pay-a-Deficiency-Judgment-From-a-Foreclosure?&id=1135979

Your Questions About Foreclosures

Richard asks…

Is a tax foreclosure judgment in Texas against the person or the land?

Your Questions About Foreclosures

The Expert answers:

If it’s for property taxes, it’s against the land. If it’s for any other tax, it’s against the person.

Your Questions About Foreclosures

Mary asks…

how do i get a list of tax lien foreclosures in Texas?

Your Questions About Foreclosures

The Expert answers:

County clerk’s office. Believe me I do sales and forclosures.

Your Questions About Foreclosures

Ruth asks…

In Texas, can a substitute trustee responsible for foreclosure be granted an assignment of lien creating the?

Bank that is acting in the capacity as substitute trustee of a mortgage trust claims that it is the lienholder or owner of a real property note. To that effect an assignment of lien was made by the mortgagee-financial institution. Does a lien assigment have to be done in conjunction with a document attesting the appointment of a substitute trustee.

Your Questions About Foreclosures

The Expert answers:

I am not fully sure I understand the question, but I think what I am getting your question to be (and correct me if I am wrong)…If a home is going in to foreclosure, does the bank have to assign the note to a substitute trustee, and if so does the lien holder (the bank or investor who lent the money to the borrower) have the right to assign the note to a substitute trustee (usually a lawyer or a foreclosure company), and if so, don’t they have to notify the borrower/home owner that they have assigned the lien to the subsitute trustee?

To answer the first part of the question…Is it always done that the bank substitutes the trustee when a Notice of Default is assigned…NO, not always, and it isn’t necessary. However it is done more often than not, because the Bank or Investor doesn’t have the time, patience, or knowledge to successfully administer the foreclosure process, so it is easier to assign that duty to someone that can.

The answer to the second part of the question is, YES…The owner of the bank note (or lien holder) has the right to assign the note at anytime they wish. This happens when a note is in default (foreclosure), usually the note in question is assigned to what is refered to as a Substitute Trustee (usually this is a lawyer or company that primarily deals with the foreclosure process and can easily navigate the laws and proceedures of a local municipality, so that each bank doesn’t need to have an area specialist in every state), it’s like out-sourcing any thing else.

The answer to the third part of the question is again YES. Now this is where things vary from state to state, but usually a notification of a substitute trustee is handled through public records of the county. Most often before a Notice of Default on a loan is processed through the county another document is processed the same way which notifies the public (including the borrower/home owner) that the note is now being administered by another entity. This public record also usually details that the beneficiary of the note is still the original lien holder (i.e. The bank).

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures