I have PRE-FORECLOSURE lists available for Frisco and the surrounding areas, Collin & Denton Counties. My lists give you all the information you need to purchase the property BEFORE it goes to foreclosure. My lists are compiled from public record at their respective county courthouses. I work with investors and we were writing 5 or more contracts before acquiring 1 property, talk about frustrating. Anybody out there who has bid on bank owned properties knows what I am talking about!!! Now, we are beating everybody else the punch by acquiring the property before it goes to foreclosure and becomes REO.
If you are interested in learning more and are a SERIOUS investor or buyer, please contact me at 214-234-6901 or email me at email@example.com
Click here to see a Sample List (Full lists contain up 2000 entries)
Stages of Foreclosure
Texas foreclosures are carried out both in court and out of court. Compared to many states, it is extremely easy to foreclose on properties in Texas and the process moves rather quickly. The entire foreclosure process can take about three months.
Foreclosures are more often accomplished out of court. Before starting the foreclosure process, the lender first mails a letter to the borrower which allows at least 20 days to pay the default amount on the loan. Following this time period, the lender may begin the foreclosure process by mailing a second letter to the borrower which states that the loan has been accelerated (full balance now due), and a sale has been scheduled to recover the full amount due.
Notice of Sale / Auction
The lender posts a notice of sale at the door of the county courthouse and files a foreclosure notice with the country clerk 21 days prior to the foreclosure sale. The lender also mails a copy of the notice to the borrower at the last known address 21 days prior to the sale. Texas does not require the lender to publish notice of the sale in the local newspaper.
All foreclosure sales are between 10 a.m. and 4 p.m. on the first Tuesday of the month (regardless of holidays) usually on the county courthouse steps. The sale is conducted as a public auction with the property going to the highest bidder, who pays in cash, although the trustee may allow some time (within the same day) for the highest bidder to collect the full amount. The lender is also eligible to bid on the property.
The trustee transfers ownership to the highest bidder free and clear of any junior liens but subject to any senior liens. If the bid amount is higher than the amount owed to the lender, any surplus goes to junior lien holders. In Texas, the borrower's right of redemption after the sale does not exist.