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Texas Rescission of Trustee's Sale by Affidavit to Purge

Corpus Christi Texas Rescission of Trustee's Sale by Affidavit to Purge

Name: Corpus Christi Texas Rescission of Trustee's Sale by Affidavit to Purge
Brand: US Legal Forms
Rating: 4.86 (239 reviews)

Category:

Texas Court Samples - Trusts - Real Estate

State:

Texas

City:

Corpus Christi

Control #:

TX-JW-0178

Format:

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Rescission of Trustee's Sale by Affidavit to Purge

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FAQ

Foreclosure and Keeping Your Equity You don't forfeit the equity in your property after banks auction off your home in foreclosure. However, once the home is sold at auction, the adverse effects of foreclosure will chip away at that equity before you are paid the remainder.

In Texas, there are three ways in which a lienholder can foreclose on a property: Judicial Foreclosure. A judicial foreclosure requires the lienholder to file a civil lawsuit against the homeowner.Non-Judicial Foreclosure.Expedited Foreclosure.

The most common foreclosure process in Texas is non-judicial foreclosure, which means the lender can foreclose without going to court so long as the deed of trust contains a power of sale clause. Non-judicial foreclosure is most common with purchase money loans as well as rate-and-term refinances.

After a foreclosure, any surplus funds get distributed to lienholders and the former homeowner.

(a) A person, including a taxing unit, may file a petition in the court that ordered the seizure or sale setting forth a claim to the excess proceeds. The petition must be filed before the second anniversary of the date of the sale of the property.

After the foreclosure sale, if the property sells for a higher price than what is owed, the excess funds would then be used to pay off any additional liens that may be on the property.

Declare Bankruptcy To Stop Foreclosure Declaring bankruptcy in Texas is one option you have when deciding how to stop foreclosure proceedings. As soon as the petition is filed in court, an automatic stay is put in place that prevents a foreclosure from proceeding.

Foreclosures may be judicial (ordered by a court following a judgment in a lawsuit) or, most likely in Texas, non-judicial (?on the courthouse steps?). The effect of foreclosure is to cut off and eliminate junior liens, including mechanic's liens, except for any liens for unpaid taxes.

If your property is sold at foreclosure, any funds remaining after the sale that have not been used to pay off the liens held by your mortgage company or other lienholders will be remitted to the court.

2. Notice of Sale Filed, Posted and Mailed ? Next, the law requires at least 21 days' written notice of the date on which the foreclosure sale (auction) is to take place. The 21 days begin from the date the notice is mailed, not the date you receive it.

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-Corpus Christi 1974, writ ref'd n.r. Reliance Upon Affidavits.—Corpus Christi 1992, no writ); Perkins v. Texas Property Code PROP TX PROPERTY Section 51.016. TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS. 9, 2003, amended ch. 13 in its entirety to read as herein set out. 1250 S. Capital of Texas Highway, Building I, Suite 320. App. -Corpus Christi, May 19, 2016, pet.

Corpus Christi Texas Rescission of Trustee's Sale by Affidavit to Purge

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FAQ

What happens to equity after foreclosure?

What are the two ways to foreclose property in Texas?

Which type of foreclosure occurs in TX?

When the proceeds from a foreclosure sale exceed the balance of the delinquent loan the surplus money goes to?

How do I claim surplus from foreclosure in Texas?

What happens to excess proceeds from a foreclosure sale in Texas?

How can I stop a foreclosure sale in Texas?

Does a foreclosure wipe out all liens in Texas?

What happens to any extra money after the lien and expenses of the sale are paid?

What is step two of the judicial foreclosure process Texas?

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