Foreclosures are the process by which a lender obtains title to real property after borrower default. While foreclosures can be done judicially after obtaining a judgment, the vast majority of foreclosures in Texas are done non-judicially via auction by a trustee. Non judicial foreclosures are governed by chapter 51 of the Texas Property Code.
If a property owner is facing foreclosure, there is really no guaranteed method by which an attorney can stop a foreclosure. A lawyer can however examine the note, deed of trust, and related foreclosure documents to assess whether there are any deficiencies. Should the attorney find a credible basis to stop a foreclosure, a law suit can be filed with a request for a Restraining Order to stop of the foreclosure.
Most foreclosures continue uncontested because of the costly process of filing a lawsuit and seeking a Restraining Order to halt the foreclosure. Steps involved in a foreclosure process typically include:
- Notice of Default
- Notice of Posting For Foreclosure
- Trustee's Foreclosure Sale
While the above outlines the basic foreclosure process, the reality is that notice requirements, IRS liens, bankruptcies, military service of borrower, and other laws make foreclosure a very technical process. Whether you are in the position of borrower or lender, it is wise to use a real estate attorney to navigate the foreclosure process in Texas. Feel free to use the form on the right to request a free consultation or call our office during regular business hours.