Travis Texas Order of Sale is a legal process implemented in Travis County, Texas, pertaining to the sale of real property (land, houses, buildings) when a property owner fails to make mortgage payments or meet certain financial obligations. It is an important step in the foreclosure process, designed to provide a fair and transparent method for selling the property to satisfy the debt owed by the owner. The Travis Texas Order of Sale is typically initiated by the mortgage lender or lien holder after the property owner becomes delinquent on payments. The lender obtains a court order known as the Order of Sale, which grants them the authority to sell the property through a public auction. The process aims to recover the amount owed on the loan or debt, while also ensuring that any surplus funds are returned to the property owner when applicable. There are a few different types of Travis Texas Order of Sale that can occur depending on the specific circumstances: 1. Non-Judicial Order of Sale: This type of order is granted when the mortgage or deed of trust contains a power of sale clause. It allows the lender to proceed with the foreclosure without involving the court system. The property is typically sold at a public auction known as a trustee's sale. 2. Judicial Order of Sale: When there is no power of sale clause in the mortgage or deed of trust, the lender must file a lawsuit in a court of law to obtain a judgment of foreclosure. Once the court grants the judgment, it issues a Judicial Order of Sale, which allows for the sale of the property through a public foreclosure auction. 3. Tax Sale Order of Sale: In cases where a property owner fails to pay property taxes, the government entity responsible for collecting the taxes may initiate a Tax Sale Order of Sale. This process involves selling the property to recoup the unpaid taxes. The property is usually auctioned off to the highest bidder, and the funds are used to settle the outstanding tax debt. It is crucial for property owners to be aware of the Travis Texas Order of Sale and its implications. Understanding the different types of orders that may be issued can help individuals navigate the foreclosure process more effectively and potentially explore options to prevent or mitigate the sale of their property. Seeking legal advice from an experienced attorney specializing in foreclosure can provide guidance and support during this challenging time.
Travis Texas Order of Sale
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