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Texas is the second largest state in the country in terms of area as well as population. Located in the South Central part, it is surrounded by Mexico to the south, New Mexico in the west, Oklahoma at the north, Arkansas to the northeast, and Louisiana to the east.
It is relatively easy to foreclose properties in Texas as compared to other states. Foreclosures in Texas happen both through the court and outside the courts. Usually, the complete foreclosure procedure takes three months in Texas. Where the mortage or the trust deed does not empower the lender to sell the property a law suit is filed against the one who has defaulted, to foreclose the property. Only when the court agrees to the foreclosure does the lender arrange a public sale.
Mostly, foreclosures happen outside the court systems in Texas. The lender begins by informing the owner and allowing him atleast 20 days to pay the outstanding sum. Subsequently, the foreclosure process is kickstarted by mailing another letter to the owner notifying him that the sale has been organised to recoup the full amount.
The lender has to post a public sale notice at the county courthouse and register a notice of foreclosure with the country clerk 21 days ahead of the foreclosure sale. The notice is also sent to the owner 21 days ahead of the scheduled sale date. Foreclosures in Texas do not require publishing the notice of sale in local newspapers.
All foreclosure public sales in Texas are accomplished on the steps of the county courthouse between 10 am and 4 pm on the first Tuesday of every month. The trustee may declare the top bidder ready to pay in cash as the winner. However, some time may be granted to the top bidder to arrange for the cash (same day). Texas law also permits the lender to bid for the foreclosed property. Texas law does not provide for redemption of property by the owner post its foreclosure sale.
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