Judgment Against Property Foreclosure In Travis
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A second mortgage lien holder has the right to foreclose on your property even if the 1st mortgage holder is current on their payments. However, the 2nd lien holder must receive approval from the 1st lien holder to approve the foreclosure proceedings.
Texas Civil Practice and Remedies Code Section 16.035 places a 4-year statute of limitations on foreclosure actions though there are some exceptions to this law.
The former owner will have to petition the county to turn over the surplus funds. If no one petitions to recover them, the surplus funds generally can be held by the county for two years before they are distributed to the taxing bodies that foreclosed on the property.
Redemption period for properties identified as agricultural use or homestead properties is two years. Redemption period for all other properties is six months. The redemption period begins on the date the deed is recorded.
The effect of foreclosure is to cut off and eliminate junior liens, including mechanic's liens, but not tax obligations.
Tax sales are held the first Tuesday of the month at 10 a.m. on the West steps of the county courthouse, 1000 Guadalupe St., Austin, TX 78701.
Check the legal notices in your local paper to find real auction houses operating in your area. Once you've identified several legitimate companies, go online to check their websites for listings and upcoming auctions.
In order to qualify for a non-judicial foreclosure, the lienholder must have a deed of trust with a "power of sale" clause, giving them the authority to sell the property. These foreclosures are governed by Section 51.002 of the Texas Property Code as well as the contractual documents.
