What happens on the july 3,2007 sale date of foreclosure?
Question:
Answer:
In Texas the 1st Tuesday of the month is the day the foreclosure auctions are held at each county courthouse.
It isn't like most auctions you may have seen. The mortgage trustee stands anywhere they want to on the steps of the courthouse and talks in a normal voice sometime on that Tuesday.
Normally what happens is the mortgage company bids up to the amount that will pay them off for what you owe them (the loan balance plus all fees). Because of that they usually end up buying it and this gives them a title clear of any other liens you may currently have on the house (with the possible exception of certain tax liens).
At that time they usually serve you notice to get out immediately and they will change the locks.
Then they figure out how to get the most money out of the house to protect their stockholders. They may do some fix up or they may sell it as is.
Usually in cases like this, the house will be sold on that date at a public auction. The bank will be the only one who bids on the property, in most cases, unless its an incredible deal with a lot of equity. After the sale, the property will be transferred to the new owner and the eviction process will begin.
The eviction process in Texas doesn't take very long and there is no redemption period after the sheriff sale, so you'll probably have to be out of the house within 15-30 days after the sale, to avoid being forcefully removed by the county sheriff carrying out the eviction order.
You'll most likely be given a hearing about the eviction and, if the new owner is granted possession, you'll be given notice of when the eviction will be conducted. If nothing else, you should get a noticed posted on the property a few days before the eviction. That's not a whole lot of time, of course, so try to stay on top of what else is going on before that.
Good luck.
ForeclosureFish
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