We Buy Houses In Arlington Texas. We are local Arlington homebuyer and we offer cash for houses in Texas. Understanding the foreclosure process in Arlington is an important part of navigating your own home foreclosure.
Before we dive in…
Understanding the Foreclosure Process in Arlington TX
What is foreclosure anyway?
It is a legal process that is used by lenders to take back property securing a loan, normally when the borrower stops making payments.
Foreclosure is no fun. But just know that it’s not the end of the world.
When you know how foreclosure in Arlington works… It arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible.
The Basic Stages Of A Foreclosure In Texas
A few stages are crucial to any foreclosure process. It works in a different manner in different states around the country.
The different ways of closing foreclosure are judicial sale and power of sale.
Under Power of Sale (or Non-Judicial Foreclosure) In Arlington TX:
- You are served with papers demanding payment by the mortgage lender, and the courts are not necessary even though the process may be subject to a judicial review.
- After passing the established waiting period, someone draws up a deed of trust and transfers control of your property to a trustee.
- The trustee can then sell your house in Arlington to the lender at a public auction (notice must be given).
People with an interest in the property are to be notified during either type of foreclosure.
For example, the proceedings of an auction may be collected by any contractors or banks with liens against a foreclosed property who are entitled to it.
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What Happens After A Foreclosure Auction In Texas?
Once the foreclosure is completed, the loan amount would be paid with sale proceeds.
Often, a deficiency judgment is issued against the borrower, if the sale of the property at auction isn’t enough to pay off the loan.
A deficiency judgment is where the bank gets a judgment against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.
The amount owed in a deficiency judgment to the fair value of the property at the time of sale is limited by some states, on the other hand, the full loan amount to be assessed against the borrower is allowed by other states.
Here’s a list of state by state deficiency judgment laws, for your reference.
Sell My House In Arlington TX
Generally, it’s best to avoid a foreclosure auction. You could call the bank or work with a qualified and experienced real estate firm like us. We are Arlington home buyers, We buy houses in Dallas and we buy houses in Fort Worth to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.
Even if your home is worth less than you owe, seasoned investors, like us, can negotiate directly with banks and lower the amount you owe in a sale, and sometimes we can even eliminate it.
If you need to sell your house in the TX area, we can help you.
We buy properties in Arlington TX like yours from people who need to sell fast.
Give us a call anytime (817) 298 8924 or
foreclosure process
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